Joel Davis,
Strategic Director at Image Property.
Huge cash helping hand for first home buyers in Queensland
Do you know there are tens of thousands of dollars currently available for first-time property owners in Queensland?
The Federal Government’s HomeBuilder short-term program supercharged the grants and concessions on offer by $25,000 for anyone, including those with property ownership aspirations.
Before that announcement, eligible Queensland first home buyers could also access $15,000 to buy or build a new property priced up to $750,000 via the State Government First Home Owners Grant.
They would also likely be eligible for stamp duty concessions, which is another significant saving – plus no one likes paying it!
This year there is also the First Home Owner Loan Deposit Scheme on offer, which provides 20,000 eligible first-timers across the nation with the ability to buy a property with a deposit as low as five per cent.
So, it’s fair to say, it’s a very good time to be a potential property owner in the Sunshine State.
Affordable opportunities
Apart from the State Government’s First Home Owners’ Grant of $15,000, the other schemes and programs are nationwide.
This means that some would-be property buyers will benefit more than others, depending on where they currently live or where they are prepared to move to buy a home.
That’s because the schemes have different maximum property price limits.
For example, the First Home Owner Loan Deposit Scheme has different maximum prices depending on the location of the property.
In southeast Queensland that maximum price cap is $475,000, which is a price that would allow many people to buy a house here.
However, with maximum price limits of $700,000 in Sydney and $600,000 in Melbourne, many first-timers in those locations would be forced to buy a unit because house prices are generally far higher than these price caps.
So, it’s clear that having the option of buying a house or a superior unit closer to the city will assist with future capital growth for Queensland first home buyers.
Likewise, most of these schemes have maximum income limits, which benefits Queenslanders more than it does first home buyers in Sydney and Melbourne.
Finally, the $25,000 HomeBuilder grant is available for new builds of up to $750,000, which is a price that is well above the median house price in Brisbane.
Again, that means that first home buyers in Queensland are well-placed to take advantage of that scheme as well.
So, it’s pretty obvious that if you have property ownership aspirations, there is no better place to buy than in Queensland if you ask me!
Homebuilder program, plus First Home Owners’ Grant, First Home Loan Deposit Scheme and stamp duty means Queensland first home buyers can potentially access grants of $40,000 with a deposit as low as five per cent. Plus, first-timers who buy an established property, can use the $25,000 grant to undertake a renovation.
