Some good news for those still yet to enter the property market.
The State Government has announced it’s boosting the first home-buyers grant from today, in a bid to help more Queenslanders own their own homes.
It means the total financial aid from the Queensland Government will be doubled from $15,000 to $30,000, triple the amount of grants available in New South Wales and Victoria.
The increase is expected to allow around 12,000 buyers to unlock their first home by June 20, 2025, which is when the boost is set to expire.
Treasurer Cameron Dick said the boost has been made possible thanks to the state’s coal royalties.
“With evidence that there is some capacity emerging in housing construction, now is the time to get more Queenslanders into their own home,” he said.
“Queensland’s strong budget position gives us the flexibility to adapt to changing conditions like this, by reinvesting the proceeds from progressive coal royalties”.
Queensland Premier Annastacia Palaszczuk said she hopes the scheme will help to ease cost of living pressures.
“I know how much cost of living is impacting Queenslanders, especially first home buyers,” the Premier said.
“Our government is committed to easing these pressures by delivering the largest cost of living relief package anywhere in the nation.
“I want to see home ownership rates continue to rise, which is why our government is stepping up to lend a helping hand.
“The existing first home owner grant has been very successful, which is why our government is doubling the grant program – meaning eligible first home buyers will receive $30,000 cashback.
“I hope this puts the dream of owning a first home within reach of more Queenslanders.”
The new grant can be used to buy or build a new home or granny flat valued at less than $750,000.