Are you getting ready to buy your first home in Queensland? Fortunately, the Queensland Government offers several first home buyer grants and concessions that can help make this dream more affordable. At Orchard Mortgages, we help first home buyers take advantage of these grants to make buying their first home a little easier.
In this latest blog update from our mortgage brokers, we’ll explore three significant opportunities, including:
- QLD First Home Owners Grant
- First Home Buyer Guarantee
- and the QLD First Home Concession
QLD First Home Owners Grant
The QLD First Home Owners Grant provides a significant boost for first-time home buyers looking to purchase or build a new home in Queensland. Depending on your purchase or construction, eligible first-time buyers can receive $15,000 or $30,000 towards their new home.
To qualify, applicants must be buying or building a brand-new home and meet certain eligibility criteria, like being an Australian citizen or permanent resident and not having previously owned a property in Australia.
More detailed information, including the application process and eligibility requirements, can be found on the Queensland Revenue Office website.
First Home Buyer Guarantee
The First Home Buyer Guarantee, previously known as the First Home Loan Deposit Scheme, is designed to help first home buyers enter the market sooner by lowering the deposit requirement to as little as 5% without the need for Lenders’ Mortgage Insurance (LMI).
This federal government initiative is part of a broader range of schemes aiming to make home ownership more accessible for first home buyers.
Key eligibility criteria include income caps of $125,00 for singles and $200,000 for couples, and that applicants must not have owned property in the previous ten years.
QLD First Home Concession
The QLD First Home Concession aims to reduce the amount of transfer duty (commonly known as stamp duty) that first-time buyers in Queensland need to pay. This concession can save eligible applicants up to $15,925, depending on the value of the home being below $550,000.
To qualify, buyers must meet several conditions, such as not having previously owned a home in Australia or overseas and moving into the new home within one year of the transaction.
More information on eligibility and how to claim this stamp duty concession is available at the Queensland Revenue Office’s website.
Contact Our Mortgage Brokers Today
These grants and concessions are designed to make the first home buying experience in Queensland more accessible and affordable. Whether it’s through financial assistance for a new home, support with deposit requirements, or saving on transfer duties, the Queensland Government provides a range of supports to help first home buyers achieve their homeownership dreams.
For anyone looking to buy their first home in Queensland, taking advantage of these opportunities can significantly ease the financial burden and bring your dream home within reach. Contact our Sunshine Coast mortgage brokers today to take the next step.
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Licensing statements: Credit Representatives 364849 and 490257 are authorised under Australian Credit Licence 389328 General disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.