Government Grants & Schemes: A Guide for First Home Buyers in Queensland

Dreaming of owning your first home in Queensland? The good news is that the Queensland government offers a range of grants and schemes to help first-time home buyers like you achieve your dream. Navigating these programs can seem daunting, but with a little knowledge, you can maximise your budget and get into your new home sooner.

First Home Owner Grant (FHOG)

The FHOG is a one-off grant that can significantly reduce the financial burden of buying or building your first home. The grant amount is currently $30,000 for eligible contracts signed between November 20, 2023 and June 30, 2025 . After June 30, 2025, the grant amount will revert to $15,000.

Eligibility Criteria:

To be eligible for the FHOG, you must meet the following criteria:

• Be at least 18 years old.
• Be an Australian citizen or permanent resident (or applying with someone who is).
• You or your spouse must not have previously owned property in Australia that you lived in.
• Be building or buying a new home valued under $750,000 (including contract variations).
• Move into the new home as your principal place of residence within one year and live there continuously for at least six months.

How to Apply:

You can apply for the FHOG through an approved agent (such as your bank or lending institution) or directly to the Queensland Revenue Office. Applying through an approved agent is generally the fastest way to receive the grant.

Regional Home Building Boost Grant

If you're looking to buy or build in regional Queensland, you may be eligible for the Regional Home Building Boost Grant. This grant provides a $5,000 boost to help you get into your new home sooner.

Eligibility Criteria:

To be eligible for this grant, you must meet the following criteria :

• Be at least 18 years of age.
• Be an Australian citizen or permanent resident (or applying with someone who is).
• Be buying or building a brand new home in a regional Queensland area.
• The value of the home, including the land, must be less than $750,000.
• Move into the new home as your principal place of residence within one year of the completed transaction and live there continuously for six months.

How to Apply:

You can apply for the Regional Home Building Boost Grant through the Queensland Revenue Office.

Home Guarantee Scheme (HGS)

The HGS is an Australian Government initiative that helps eligible home buyers purchase a property sooner with a smaller deposit . The scheme includes:

• First Home Guarantee (FHBG): Supports eligible home buyers to buy a home with a deposit as little as 5%. 
• Regional First Home Buyer Guarantee (RFHBG): Supports eligible regional home buyers to buy a home with a deposit as little as 5%. 
• Family Home Guarantee (FHG): Supports eligible single parents and eligible single legal guardians of at least one dependent to buy a home with a deposit as little as 2%.

Eligibility Criteria

Eligibility criteria vary for each guarantee. Generally, you need to be an Australian citizen or permanent resident, meet income thresholds, and not have owned property in Australia in the recent past.

How to Apply

HGS applications can only be made with a Participating Lender or their authorised representative (a mortgage broker). 

First Home Buyer Choice

The First Home Buyer Choice program in Queensland allows eligible first home buyers to choose between paying transfer duty (stamp duty) or an annual property tax . This can help you save money on upfront costs or manage your ongoing expenses.

Need More Help?

Buying your first home is a significant financial decision. It's essential to do your research and seek professional advice to ensure you make the most of the available grants and schemes. AUSMAR Consultants can help you navigate the complexities of these programs and connect you with experienced mortgage brokers who can provide personalised guidance and support.

Contact AUSMAR today for expert assistance on your home buying journey.