First home buyer grant doubled to $30,000 for Queenslanders

First-home buyers in Queensland are now able to access a grant of $30,000, as part of a new cost-of-living measure.

The Queensland government has doubled the state’s First Home Owner Grant scheme from $15,000 to $30,000 from today until mid-2025.

The $30,000 grant applies to those buying or building a new home valued less than $750,000. It applies to houses, units, duplexes and townhouses, as well as granny flats and modular homes.

Will this help you get onto the property ladder? Share your story with tamika.seeto@yahooinc.com

Premier Annastacia Palaszczuk said the boost was part of a raft of measures to ease cost-of-living pressures.

“The existing first home owner grant has been very successful, which is why our government is doubling the grant program - meaning eligible first home buyers will receive $30,000 cashback,” Palaszczuk said

“I hope this puts the dream of owning a first home within reach of more Queenslanders.”

RELATED

• First-home buyers: Grants and schemes to get you on the property ladder

• First-home buyers reveal huge amount Aussie parents gifted them

• First home super saver scheme: How it works and what it means for your tax

The government estimated the move would help around 12,000 buyers get onto the property ladder by June 30, 2025, when the increase expires. The boost is being funded by coal royalties.

Queensland households also received a $550 cost-of-living rebate on their electricity bills this year. The rebate is being credited to bills on a quarterly basis from July 1, 2023.

Who is eligible for the Queensland First Home Owner Grant?

You must be buying or building a new home valued less than $750,000 in Queensland. You must also be 18 years or older and this must be your first residential property owned in Australia.

The home can be a house, unit, duplex or townhouse, or a granny flat built on a relative's land or modular home.

It can be a new home, an off-the-plan purchase, a substantial renovation, a contract to build or an owner-builder transaction.

What first-home buyer grants are available in Australia?

Queensland’s $30,000 first-home owner grant is triple the amount available for buyers in New South Wales and Victoria.

Here’s what is available for first-home buyers across the state and territories:

• NSW - $10,000 grant

• Vic - $10,000 grant

• Qld - $30,000 grant

• SA - $15,000 grant

• WA - $10,000 grant

• Tas - $30,000 grant

• ACT - no grant

• NT - $10,000

First-home buyers may also be eligible for stamp duty discounts and concessions, as well as federal programs. Read more about first-home buyer grants and schemes available here.

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to our free daily newsletter.