QLD boosts first home owner grant by $15,000

By JP Pelosi · · 1 min read
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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. 

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Last updated 24 November 2024 Important disclosures and comparison rate warning*

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    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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