If you’re planning on buying your first home, chances are that you already know about the first homeowner grant. First introduced in 2000, the national grant is funded by the states and territories, and is payable to all first-time home builders and buyers who meet the specific criteria. But did you know that it’s not the only government grant for first home owners?
Here’s a list of all the grants available in Queensland – and how you can apply for them to get a financial boost when it comes to buying or building your first home!
Government First Home Owner Grant
The First Home Owner Grant is the most well-known government grant available to Queenslanders wishing to buy or build their first home. Eligible applicants receive $15,000 to put towards their first home, however the home must be brand new or built and worth less than $750,000.
You can find out more about the grant here.
First Home Loan Deposit Scheme
The First Home Loan Deposit Scheme is another government grant for first home owners that aims to help eligible first home buyers purchase a home with a deposit as small as five per cent. Usually, a deposit of less than 20 per cent requires the borrower to pay expensive lender’s mortgage insurance, but the First Home Loan Deposit Scheme means that the government will pitch in the remaining 15 per cent of your deposit.
You can find out more about the scheme here.
First Home Concession Rate
This one is not so much a grant as it is an instant saving toward your first home. In Queensland, stamp duties are waived for first home buyers, provided that the property you purchase is valued at $500,000 or less. This will save you thousands of dollars in fees.
Government HomeBuilder Grant
One of the newest grants on the list, the HomeBuilder grant was introduced on the 4th of June, 2020. If you are building a new home, you can access $25,000 from the government to put toward its construction.
HomeBuilder will be available for building contracts signed between 4th June 2020 and 31st December 2020.
As you can see, the first homeowner grant isn’t the only means of getting your first home. If you decide to build, you can combine the first homeowner grant with the government’s HomeBuilder grant to potentially save yourself up to $40,000! And, when the time comes, you can always build with Domaine Homes.