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Home Loans for First Home Buyers

Home Loans for First Home Buyers

How the First Home Owners’ Grant works

In Queensland, the State Government provides financial assistance to first home buyers who are buying or building a new house, unit or townhouse through the First Home Owners’ Grant.

To be eligible for the grant, you must be an Australian citizen or permanent resident over 18, and must not have previously owned property in Australia.

The grant is only available for the purchase or construction of a new house, unit or townhouse that is valued at less than $750k.

The value of the grant depends on your contract date:

  • $15,000 for contracts dated
    • October 2012 to 30 June 2016 or
    • 1 July 2018 or later;
  • $20,000 for contracts dated from 1 July 2016 to 30 June 2018.

For full and up-to-date details, refer to https://firsthomeowners.initiatives.qld.gov.au/

How to get the First Home Owners’ Grant

To get the grant, you need to submit a formal application in the approved form through the Office of State Revenue. For the form, go to https://firsthomeowners.initiatives.qld.gov.au/apply.php

What you can use the First Home Owners’ Grant for

The First Home Owners’ Grant can only be used to contribute to the cost of the purchase or construction of a new house, unit or townhouse.

When you receive the First Home Owners’ Grant

The timeframe for payment will vary depending on the type of purchase you’re making (e.g. buying an established new home, buying off-the-plan, or building your home).

The mortgage broker’s role in the First Home Owners’ Grant process

Preston Finance & Insurance can help you check your eligibility for the First Home Owners’ Grant, and assist you with the application process. Contact us to find out more.

Home Buying Essentials

What you need to know when buying and financing your home.

Buying a home can be a daunting process, especially when there are so many things to consider like:

  • where and what can I buy?
  • how much deposit will I need?
  • how much can I borrow?
  • who should I borrow from?
  • what are all the other costs involved?
  • how can I repay my mortgage quickly, and
  • what other decisions do I need to make during this process?

If you would like to know the answers to these questions download our guide.

Download your free copy

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