QLD boosts first home owner grant by $15,000

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Queensland is doubling its First Home Owner Grant, taking the total to $30,000 for eligible first home purchases.

The $15,000 boost will come into effect for transactions entered into on or after 20 November and can be used for a house, unit, duplex or townhouse, or a granny flat built on a relative's land or modular home.

This increase means Queenslanders will have access to the equal highest First Home Owner Grant in Australia, triple the grants available in New South Wales and Victoria.

It's estimated this doubling of the grant will support around 12,000 buyers to unlock their first home by 30 June 2025, when the boost is set to expire.

The government will use funds available through the progressive Coal Royalties regime to give back to first homeowners.

How has the first home owners grant helped Queenslanders?

Over the last three years, the Palaszczuk Government has supported more than 24,000 households into their first home through $365 million in grants.

Between 2016 and 2021, rates of home ownership in Queensland increased from 62% to 64%.

“I know how much cost of living is impacting Queenslanders, especially first home buyers," Premier Annastacia Palaszczuk 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."

On the property hunt? When searching for a home loan it truly pays to do some basic comparisons. To get started, why not check some of the best home loans on the market below. 

Home loan comparisons on Mozo - last updated 22 April 2024

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    6.14% p.a. variable
    6.16% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

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    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

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    6.01% p.a. variable
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

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    Package, Owner Occupier, LVR<60%, Principal & Interest

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    6.15% p.a. variable
    6.40% p.a.

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

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  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <60%

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    5.99% p.a.
    fixed 3 years
    6.37% p.a.

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

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