Home Buyer Grants Available to Townsville Buyers

Buying your own home is a quintessential part of the Australian dream. While it can be quite the financial challenge, buying your own home can be an extremely rewarding process, resulting in owning your own piece of local land.

To alleviate some of this financial burden, there are a number of Government provided Home Buyer Grants available to Townsville buyers. However, understanding eligibility and how to apply for these grants can be extremely challenging. Maidment Group have put together this guide on the five main Home Buyer Grants available in Townsville to allow prospective buyers to easily understand which grants they are eligible for and why.

Home Buyer Grants Available to Townsville Buyers

Family Home Guarantee 

The Family Home Guarantee (FHG) is an initiative established by the Australian Government to support eligible single parents in purchasing a home. The FHG grant allows a qualified individual to purchase a home with a lower deposit rate for as little as 2%, without paying Lenders Mortgage Insurance. The grant is administered by the National Housing Finance and Investment Corporation (NHFIC).

Eligibility Requirements

Home buyers applying for the Family Home Guarantee grant must:

• Apply as an individual
• A single parent who has at least one dependent child
• An Australian Citizen
• Must be at least 18 years of age
• Earn less than $125,000 per year
• Intend to be the owner of the purchased property
• Does NOT currently own a property

Single Parent* - A person is considered single if they do not have a spouse and/or a de facto partner. A person who is separated but not divorced will not be regarded as single or eligible to apply.

First Home Guarantee

The First Home Guarantee (FHBG) is part of the Australian Government's Home Guarantee Scheme (HGS) initiative. This grant allows an eligible home buyer to purchase a home with a lower deposit as minimal as 5% without paying Lenders Mortgage Insurance.

Eligibility Requirements

To apply for the First Home Guarantee grant, you must:

• Apply as an individual or couple. This includes married/ de facto relationships
• An Australian Citizen
• Must be at least 18 years of age
• Earns up to $125,000 for individuals
• Earns up to $200,000 for couples
• Intends to be the owner of the purchased property
• Buyers have not previously owned a property in Australia

Property Types

Home buyers applying for the FHBG can purchase a residential property that includes: 

• House, townhouse, or apartment 
• Land and house package
• Land and contract to build a home
• An off-the-plan townhouse or apartment 

Regional First Home Buyer Guarantee

The Regional First Home Buyer Guarantee (RFHGB) aims to help eligible individuals purchase their first home in a regional area. This grant is accessible to those interested in buying a home in Townsville, the largest city in regional Queensland. 

From 1 October 2022 – 30 Jun 2023, 10,000 RFHGB spots are available for regional first home buyers who are eligible. Similarly to the First Home Guarantee grant, the RFHGB also enables home buyers to purchase a home with a deposit as low as 5%.

To apply for the Regional First Home Buyer grant, you must: 

• Apply as an individual or couple. This includes married/ de facto relationships.
• An Australian Citizen
• Must be at least 18 years of age
• Earns up to $125,000 for individuals
• Earns up to $200,000 for couples
• Intends to be the owner of the purchased property
• Buyers have not previously owned a property in Australia.
• Home buyers must have lived in the regional area or the adjacent area of the intended home purchase area for 12 months to the date they confirm a home loan agreement, or Home Loan Date.

First Home Super Saver Scheme

The First Home Super Saver Scheme (FHSS) allows you to make voluntary concessional and voluntary non-concessional contributions into your chosen super fund to save for your first home.

The grant enables you to apply for a maximum of $15,000 in contributions from any financial year to be withdrawn. You can also release a total of $50,000 contributions across all years.

Eligibility Requirements

To purchase a home through the FHSS, you must: 

• Occupy the home you purchase
• Occupy the property for at least 6 months from the period that you own it

First Home Owners Grant

The First Home Owners Grant (FHOG) offers eligible home buyers $15,000 to purchase or build their first new home.

The property can include a house, apartment, townhouse, unit, property purchased off the plan or a renovated home. 

Eligibility Requirements 

• The purchase price of the property must not exceed $750,000
• If your intent is to purchase land and sign a building contract, the combined cost must not exceed $750,000
• You have not received a First Home Owner Grant in Australia
• You have not previously owned a property in Australia before 1 July 2000
• You have not lived for 6 months or more in a property in Australia that you owned after 1 July 2000