QLD First Home Buyers Grant Summary 2022

QLD First Home Buyers Grant Summary 2022

QLD First Home Buyers Grant Summary

Are you confused about what grant(s) you can receive as a first home buyer in Queensland? We have developed a quick summary below. Grants change regularly, so it is always a good idea to review the state governments website to confirm your eligibility or simply contact us.

Essentially, there are 5 main grants;

Australian Government HomeBuilder

  • $15,000 grant
  • New house and land packages up to $950,000
  • Renovate your existing residence where the contract value is between
  • $150,000 – $950,000 and the total value of your house does not exceed $1,500,000
    Further details here

QLD First Home Buyers Stamp Duty Discounts – established/new homes

  • If you’re buying vacant land to build your first home, you pay zero stamp duty as long as you pay $400,000 or less for your block. That’s a saving of $5,250 on the regular cost of stamp duty.
  • If your first home is valued up to $500,000, you pay zero stamp duty. That’s a saving of $8,750, which is the maximum stamp duty rebate available to first home buyers in Qld.
  • Savings on stamp duty may still be available if you pay between $500,000 and $550,000 for your first home. As a guide, if your first home is worth $505,000, you pay stamp duty of $1,050, a saving of $7,875. These savings cut out altogether if your first home costs $550,000 or more. On a property valued at $550,000, for example, the stamp duty would work out to be $10,600.

QLD First Home Owners Grant

  • $15,000 grant
  • Newly constructed dwelling with a value less than $750,000
  • House and land packages with a value less than $750,000

Australian Government First Home Loan Deposit Scheme

  • Allows you to take out a mortgage with just a 2-5% deposit and avoid paying lender’s mortgage insurance (LMI).
  • Further details here

Australian Government First Home Super Saver Scheme

  • Allows you to access up to a total of $50,000 contributions of your voluntary concessional (before-tax) and voluntary non-concessional (after-tax) contributions into your super fund to save for your first home.
  • Further details here

CALL US for details on which scheme(s) applies to you.