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20 November 2023
The Queensland Government recently announced the doubling of the First Home Owner Grant – increasing the grant from $15,000 to $30,000 for eligible first home buyers effective from Monday, 20 November.
This announcement is a win for first home buyers and will help the industry deliver on the homes needed to meet Queensland’s share of the national five-year target of 1.2 million homes. We are presently falling short of the target and this stimulus will definitely support us to build more homes.
It will also provide a boost for the building industry over the coming 18 months, where demand for new dwellings has dropped in recent months, with commercial builders busy, but residential builders reporting a slowing of the pipeline.
The extra $15,000 will go towards offsetting increased construction costs due to the government’s recent changes to the National Construction Code (NCC).
- Buying or building a new home valued less than $750,000 (including land and any contract provisions)
- Buyers must be 18 years or older and this must be the first residential property owned in Australia
- The home must not have been lived in or sold as a place of residence at the time of completion
- Includes house, unit, duplex or townhouse; or a granny flat on a relative’s land; kit or modular homes, substantially renovated home.
- Must be one of the following eligible transactions:
- New home
- Off-the-plan purchase
- Substantial renovation
- Contract to build