First Home Owner Grant (FHOG) QLD: Simple Guide 2024
The Queensland First Home Owner Grant (FHOG) has recently undergone significant changes which spell good news for eligible first home buyers.
Under changes to the first home buyer grant that came into effect from the 20th November 2023, the Queensland State Government has increased the grant from $15,000 to $30,000 for eligible buyers. In a move that highlights the state government’s commitment to making the property market more accessible to first home buyers, the new changes mark an exciting time for those looking to purchase their first.
In this article, we’ll look at the QLD first home owner grant eligibility criteria, property requirements, and application process to help eligible buyers make the most of the revised grant and make a move into the property market in 2024.
Table of contents
- What is the First Home Owner Grant (FHOG)?
- The Role of the First Home Owner Grant
- Eligibility Criteria
- Property Requirements
- Application Process
The First Home Owner Grant (FHOG) in Queensland is a state Government initiative that provides assistance to first time property buyers in the state of Queensland, Australia. Thanks to a revision on the 20th November 2023, the First Home Owner Grant (FHOG) has been doubled from $15,000 to $30,000 for eligible buyers.
The grant can be used towards purchasing an existing property, or building a new house, townhouse or apartment that is valued at less than $750,000. The First Home Owner Grant initiative is a key component in the state government’s efforts to alleviate the challenges faced by first home buyers in the midst of Queensland’s competitive housing market.
The Role of the First Home Owner Grant is simple – make the housing market more accessible to more buyers. The recent doubling of the grant means that first-time buyers face less financial burden than before in purchasing a new home or apartment and ensures more individuals and families have the opportunity to purchase a property.
The grant addresses the Queensland’s state government’s broader efforts to support social and affordable housing and enhance the overall quality of life for more Queenslanders. In addition to helping new buyers get a foot in the market, the first home buyer grant also plays a role in stimulating the construction of affordable housing opportunities.
To be eligible for the first home buyers grant in Queensland, applicants must meet the eligibility criteria, which includes:
- Applicants must be a natural person, not a company of business
- Applicants must be aged over 18- years of age
- This must be the first time that you or your spouse have received the first home buyers grant in Queensland or equivalent grants in other states of Australia.
- Applicants must not own any prior residential property
- Owners must live in the new home for at least 6-months in the first year of ownership
To receive the grant, properties must meet the specific guidelines laid out by the state government, these include:
- The property must be valued at under $750,00 – inclusive of land and contract variations.
- The property must be a new building or substantially renovated existing property
- The property must not have been previously occupied or sold as a residence
- Applicants must occupy the home within one-year of purchase for a period of at least 6-months during the initial 12-month period
- A continuous residence period of 6-months is required
The Queensland First Home Owner Grant (FHOG) application process requires eligible buyers to apply within relevant timeframes and through approved application methods. The application process will look like this:
- Applicants must apply within 1 year of possession and title registration
- Applicants must apply within 1 year for builders or owner-builders
- Extensions may be granted in special circumstances
Method of Application
- Through an approved agent, bank, or lending institution
- Directly to the Queensland Revenue Office
- Submit a completed and signed application form with eligible documents
- Applicants may apply with supporting documents
- Applicants may track the status of their application online
- Application processing will be completed within 10-days – barring any complications
Changes to the first home buyer grant in Queensland spell a substantial opportunity for first time buyers and provide a significant stepping stone for those looking to enter the property market. The increase of $15,000 to $30,000 marks a proactive commitment from the Queensland state government to support individuals and families in achieving property ownership, as well as supporting economic growth in the affordable construction and housing industries.