What you need to know about the new First Home Owners Grant in Queensland

By the resi financial blog team, 15 July 2014

First home owner grants QLD

First home buyers interested in securing property in Queensland could be in for great news, as the state's First Home Owners Grant (FHOG) has been changed. These funds are great for those struggling to save up their deposit or for those families looking for a little bit of extra funding to put towards their first property investment. 

What is the Great Start Grant?

In Queensland, the FHOG is known as the Great Start Grant. There are a wide range of different funding aids for buyers across Australia, with Queensland's ranking on the higher end of the spectrum. These funds were created to aid first home buyers across the nation in response to helping offset property prices following the introduction of the Goods and Services Tax (GST). These one lump-sum payments can make all the difference - especially for young buyers. 

The grant saw changes occur in 2012, when the fund was increased to a one-off payment of $15,000 for first home buyers purchasing or building a new home

What are the eligibility criteria? 

To be able to apply for the fund, you have to be at least 18 years old and an Australian citizen, or be in a relationship with an Australian citizen when applying. Secondly, neither you nor your partner (if applicable) are allowed to have owned property in Australia before, and the property you want to purchase has to be new. 

New property is defined as a dwelling that hasn't been previously occupied, which may apply to a home that has undergone radical renovations (depending on the circumstances). These dwellings can include houses, units, duplexes, townhouses and granny flats. 

As a first home buyer, moving into a Queensland property could be a great option to consider. The funding will be immeasurably helpful in helping you and your family secure a first property in the near future. 

Categories: Home Loans, Personal Finance