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FIRST HOME BUYER GRANT

Find out if you are eligible for a first-home buyer grant.

Don’t miss out on the government incentives that apply to first home buyers. Talk to our experts if you have any further questions or would like to get your loan approval process started.

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    First Home Grant, How it works

    In Queensland, the State Government provides financial assistance to first home buyers who are buying or building a new house, unit or townhouse through the First Home Owners’ Grant.

    To be eligible for The First Home Grant, you must:

    • Be an Australian citizen or permanent resident over 18.

     

    • Must not have previously owned property in Australia.

     

    • Be buying or building a brand new home.

     

    • Signed a contract dated 1 July 2018 or later. 

     

    • Must move into the new home as your principal place of residence within 1 year of the completed transaction and live there continuously for 6 months. 

     

    The grant is only available for the purchase or construction of a new house, unit or townhouse that is valued at less than $750k. Speak to one of our mortgage brokers in Cairns today to find out more.

    How to get the First Home Owners’ Grant

    To get the grant, you need to submit a formal application in the approved form through the Office of State Revenue. Our mortgage brokers can assist you with the application process.

     

    What you can use the First Home Owners’ Grant for

    The Grant can only be used to contribute to the cost of the purchase or construction of a new house, unit or townhouse.

    When you receive the First Home Owners’ Grant

    The timeframe for payment will vary depending on the type of purchase you’re making (e.g. buying an established new home, buying off-the-plan, or building your home).

    The mortgage broker’s role in the process

    Our mortgage brokers in Cairns can help you check your eligibility for the First Home Owners’ Grant, and assist you with the application process. Contact us to find out more.

     

    What you need to know when buying and financing your home.

    Buying a home can be a daunting process, especially when there are so many things to consider like:

    • where and what can I buy?
    • how much deposit will I need?
    • how much can I borrow?
    • who should I borrow from?
    • what are all the other costs involved?
    • how can I repay my mortgage quickly, and
    • what other decisions do I need to make during this process?

     

    If you would like to know the answers to these questions download our guide.

     

    FIRST HOME BUYERS GUIDE

    Stay up to date with the latest mortgage rates and special offers.

    Stay up to date with the latest mortgage rates and special offers.


      Let us do the maths, get a free Assessment today!

      Frequently asked questions

      The First Home Owners’ Grant does not have an end date, but it is subject to change at any time.

      The grant is only available for the purchase or construction of a new house, unit or townhouse that is valued at less than $750k.

      The value of the grant depends on your contract date:

      • $15,000 for contracts dated
        • October 2012 to 30 June 2016 or
        • 1 July 2018 or later;
      • $20,000 for contracts dated from 1 July 2016 to 30 June 2018.

      For full and up-to-date details, refer to https://firsthomeowners.initiatives.qld.gov.au/

      To be eligible for the grant:

      • you must be an Australian Citizen or a permanent resident
      • you must be at least 18 years of age
      • neither you nor your spouse can have previously owned property in Australia
      • you must be buying and building a brand new home, unit or townhouse (including off the plan) valued at less than $750k.

      See https://firsthomeowners.initiatives.qld.gov.au/eligibility.php

      You need to submit a formal application to the Queensland Government through the Office of State Revenue. Everyone who will own a part of your new home must be included on the application. The form is available from https://firsthomeowners.initiatives.qld.gov.au/apply.php

      The grant has only two conditions:

      1. You must meet the eligibility criteria (see above)
      2. The amount payable is set by the Queensland Government (see above)

      Yes, you can use the grant towards your deposit.

      Most banks will consider the grant as part of your finance application if your loan to value ratio is below 80%, as it is classified as non-genuine savings.

      Your mortgage broker can help you find and secure a competitive home loan rate to pay for:

      • new homes
      • existing homes
      • new and existing units
      • new and existing townhouses
      • vacant land
      • construction finance to help you build your new home.

      Your mortgage broker is responsible for:

      • helping you understand the various types of home loans that are available, so that you can make the right choice for your situation
      • securing you the most appropriate deal on a home loan that is available through their network of banks and other financial institutions
      • making sure you understand the home loan process and your borrowing power
      • ensuring that your loan application is prepared accurately and honestly.

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