The Queensland government has boosted the First Home Owners’ Grant (formerly known as the Great Start Grant) by $5,000, giving a one-off payment of $20,000 to all those who move into their first new home.

This boost kicked off on July 1, 2023 and will expire on June 30, 2017.

The grant explained

The Queensland First Home Owners’ Grant allows those buying or building a new home access to a lump sum, one-off, payment from the State Government.

This means if you (and your partner) are buying your very first home, either off-the-plan or building it yourself, you are entitled to the payment.

This is a generous incentive to get into the housing market and it could allow you to get into your new home sooner. Especially if combined with an award-winning home loan.

Eligibility

There are eligibility requirements however, which are listed below:

• You must be an Australian citizen or permanent resident (or applying with someone who is)
• You or your spouse must not have previously owned property in Australia
• You must be at least 18 years of age
• You must be buying or building a brand new home, valued under $750,000

A “brand new home” is defined as “a brand new dwelling that has not been previously occupied as a place of residence or sold as a place of residence.”

This can, however, include a house that has been substantially renovated or one which resides on an existing property, such as a granny flat built on the same land as an existing property.

Substantially renovated is defined as:

“…which all, or most, of the structural and/or non-structural components of a building are removed or replaced. Most of the rooms in the previous building must have been affected, and the renovations must have affected the building as a whole for it to be considered a substantial renovation.”

So you may even be able to buy that rundown “renovators dream” and still be eligible for the grant.

Start saving now

Given you have under a year to take advantage of this offer it would be prudent to start saving as much as you can now in order to save for a deposit.

This can be done in a variety of ways, from saving small amounts that add up over time, or making some sacrifices.

You can find out more details about the bonus payment, your eligibility, and more about the grant itself on the official Queensland Government website.

Would this make a difference to you? Is this a large enough incentive to get you to buy or build your new home?