Queensland provides valuable financial support to first home buyers through the First Home Owner Grant and the First Home Concession for Transfer Duty. These initiatives are designed to reduce the financial strain of purchasing a first home, helping Queenslanders enter the property market sooner and more affordably.
Grants and schemes available to first home buyers in Queensland
| First home owner grant of $30,000 | First home concession for transfer duty | |
| Acronym | FHOG | |
| Region | Queensland only | Queensland only |
| Location | Metro or regional | Metro or regional |
| Description | The first home owner grant offers first home buyers a payment of $30,000 when purchasing or building a new home, subject to a specified value limit. | The First Home Concession offers a full or partial exemption from the transfer duty on property purchases, depending on the value of the property. |
| Property type | This applies to the purchase of a new home, building a new home, a substantially renovated home, off-the-plan property (such as an apartment), or a property built by the owner (owner-builder). | New and existing |
| Minimum deposit | No minimum | No minimum |
| Property value limit | $750,000 | The transfer concession applies to properties up to $800,000 and vacant land up to $500,000 if the contract was signed after 9 June 2024. Lower limits apply for properties purchased before this date. |
| Owner occupied or investment | Owner occupied only | Owner occupied only |
| Number of places for FY24 | Unlimited | Unlimited |
| Income limit | Not means tested | Not means tested |
| Borrower eligibility | Single and couple applicants | Single and couple applicants |
| Purchasing history | Neither you nor your spouse can have owned residential property in Australia: – On or after 1 July 2000 that you lived in, or – Before 1 July 2000, regardless of whether you lived in it. |
First home buyers only |
| Requirements for living in the property | First Home Buyers must move into the home within 12 months after settlement, and live in the property as your principal place of residence for at least 6 continuous months. |
First Home Buyers must move into the home within 12 months after settlement, and live in the property as your principal place of residence for at least 12 continuous months. |
| Link to more information | Queensland Revenue Office | Queensland Revenue Office |
First Home Owner Grant
The First Home Owner Grant offers a $30,000 payment to eligible first home buyers in Queensland. This grant applies to those purchasing or building a new home, including homes that have been substantially renovated. To be eligible, applicants must be purchasing a property in Queensland, which can include new homes, homes under construction, off-the-plan apartments or townhouses, and substantially renovated properties. The property must be owner-occupied, meaning the buyer must live in the home rather than using it as an investment.
Available in both metropolitan and regional areas of Queensland, the grant is provided as a single payment of $30,000 for the property transaction, not per owner. Both individuals and couples can apply, and there is no income means test, making it accessible to a broad range of first home buyers. However, neither the applicant nor their spouse should have previously owned residential property in Australia since 1 July 2000 to qualify. The property must be valued under $750,000. Recipients must also move into the property within 12 months of purchase and live there for at least six continuous months. For further details and to apply, visit the Queensland Revenue Office.
Stamp Duty exemptions and concessions
Read about the stamp duty exemptions and concessions available to first home buyers in Queensland here.
UFinancial’s full support for first home buyers
At UFinancial, we understand that buying your first home is an exciting, yet complex journey. Our mortgage brokers will guide you every step of the way, ensuring you make the most of the government grants and schemes available. Here’s how we help:
- Expert guidance: From determining your eligibility to handling all necessary documentation, we make sure you don’t miss any crucial steps.
- Access to multiple lenders: We work with over 40 lenders to find the best loan options for your needs, ensuring you get the best deal possible.
- No-cost services for first home buyers: Our services are free for first home buyers, as we’re compensated by the lender you choose. This means you get expert advice at no extra cost.
- Comprehensive buyer support: We offer personalised assistance with property searches, property evaluations, and advice throughout the buying process, ensuring you feel supported every step of the way.
Ready to get started?
If you’re ready to take the next step toward homeownership, or if you need help navigating the First Home Buyer Grants and Schemes, contact a UFinancial team member today to find out how we can assist you in securing the right home loan for your first home purchase.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced, or republished without prior written consent. Content developed in partnership with IFPA.
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