Are you a first home buyer in Queensland looking to purchase your first property? Congratulations! You are about to embark on an exciting journey. Buying your first home is a big step and it can be a daunting process. But don’t worry, you’re not alone. There are a number of government incentives and grants available to help make the process easier.
In Queensland, first home buyers are entitled to a number of benefits and incentives. These include the First Home Owners Grant (FHOG), stamp duty concessions, and the First Home Loan Deposit Scheme (FHLDS). Let’s take a closer look at each of these.
The First Home Owners Grant (FHOG)
The First Home Owners Grant (FHOG) is a one-off payment of up to $15,000 for eligible first home buyers in Queensland. To be eligible for the grant, you must be an Australian citizen or permanent resident, and you must be buying or building a new home. The home must be valued at less than $750,000, and you must be over 18 years of age.
Stamp Duty Concessions
Stamp duty is a tax that is paid when you purchase a property. In Queensland, first home buyers are entitled to a stamp duty concession. This concession is available for properties valued up to $550,000. The amount of the concession depends on the value of the property. For properties valued up to $500,000, the concession is $7,000. For properties valued between $500,000 and $550,000, the concession is $5,000.
First Home Loan Deposit Scheme (FHLDS)
The First Home Loan Deposit Scheme (FHLDS) is a government initiative that helps first home buyers get into the property market sooner. Under the scheme, eligible first home buyers can purchase a property with a deposit of as little as 5%. The scheme is available for properties valued up to $700,000. To be eligible, you must be an Australian citizen, you must be over 18 years of age, and you must be earning less than $125,000 per year (or $200,000 per year for couples).
These are just some of the benefits and incentives available to first home buyers in Queensland. There are also a number of other grants and concessions available, so it’s worth doing your research to find out what you’re entitled to.
At The Home Loan Partners, we understand that buying your first home can be a daunting process. That’s why we’re here to help. Our experienced team of mortgage brokers can help you find the right loan for your needs, and we can help you take advantage of any government incentives and grants that you’re entitled to. So if you have any questions, or if you’d like some friendly advice, don’t hesitate to get in touch. We’d love to help you get into your first home.