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First-time home buyers in Queensland may be eligible for the following:
▪ First Home Owners' Grant (FHOG): As of April 2024, the FHOG amount is $30,000 for contracts signed between November 20, 2023, and June 30, 2025. The grant amount is used to reduce the amount you need to borrow for your first home.
▪ First Home Buyer's Concession: This concession may help reduce the amount of stamp duty you pay on your purchase. However, there are eligibility requirements and price caps for the property value.
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It depends. Eligible first-time home buyers in Queensland may receive a concession that reduces or eliminates their stamp duty liability.
The Queensland Revenue Office website has a stamp duty calculator tool you can use to estimate your stamp duty costs.
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Generally, to be considered a first-time buyer in Australia, you must not have previously owned a property (either alone or with someone else) that you lived in. Some exceptions may be depending on your circumstances, so it's always best to check with the relevant authorities.
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Eligibility requirements for the First Home Buyer's Grant (FHBG) vary by state and territory. Generally, to be eligible, you'll need to be:
▪ An Australian citizen or permanent resident.▪ At least 18 years old. ▪ A first-time home buyer (as defined above). ▪ Purchasing a property within certain price limits.
You can contact us or visit the website of your state or territory revenue office for specific requirements in your area.