Queensland First Home Owner Grant
Happy New Year to you, and welcome to the first finance update for 2024!
I really hope you got to take advantage of some quality downtime with family and friends over the past few weeks. It can be such a frenetic time of year that a few weeks can pass by in the blink of an eye. Nonetheless, I hope your batteries are sufficiently recharged and you’re ready for a big year ahead – I know we are!
The year for Mortgage Domayne is kicking off with a bang as we formally enter the New South Wales market this month, ensuring we now truly have the east cost market covered. If you have peers in New South Wales who you believe could benefit from our award winning service, please don’t hesitate to introduce them to us.
To kick things off this year, we take a look at the recently expanded Queensland First Home Owner Grant.
Queensland’s first-home-owners’ grant will be doubled in late November last year, in a direct incentive to young Queenslanders to buy or build new homes.
The expanded grant – which will also cover deposits on units, townhouses and granny flats – increased from $15,000 to $30,000 for contracts signed between 20 November 2023 and 30 June 2025 (both dates inclusive)
Age – 18 years of age or older
Citizenship – You must be an Australian citizen or permanent resident (or applying with someone who is).
Previous grant recipient – You or your spouse must not have previously received a first home owner grant in any state or territory of Australia.
Previous home ownership – You or your spouse must not have owned residential property in Australia on or after 1 July 2000 that you lived in, or
before 1 July 2000, whether you lived in it or rented it out.
Property value – The grant applies to Queenslanders wanting to buy or build a new home to the value of $750,000, including the land.
Investment properties – The grant is not available to purchase investment properties. If you have owned an interest in residential property since 1 July 2000 that has been solely used for investment purposes, you may be eligible for the grant on a subsequent new property that will be your first home to live in.
Residence requirements – You must move into your brand new home as your principal place of residence within 1 year of the completed transaction, and live there continuously for 6 months.
When the grant is paid
The grant is paid at different times depending on how and when you apply, and whether you are building or buying.
If the buyer applies through a bank or lending institution directly or via a broker such as Mortgage Domayne, the timeframe for payment is generally:
- at settlement, for buying a new home (including off-the-plan purchases)
- on the first drawdown of funds, for contracts to build your new home
- on receipt of a final inspection certificate, for building your new home as an owner–builder.
As you’d expect, this grant has many complications, and the application process can be both confusing and daunting. If you have a client who you think might qualify for the grant, put them in touch with us and we’ll make sure they get all the help they need.
The rates below are based on a $500,000 loan, with the borrower making principle and interest payments with a loan term of 30 years. The rates quoted may vary depending on the borrowers LVR.
1 Year Fixed
The rates below are based on a $500,000 loan, with the borrower making principle and interest payments with a loan term of 30 years. The rates quoted may vary depending on the borrowers LVR. At the end of the three year fixed period, the borrowers interest rate will revert to a standard variable rate for the life of the loan.