Queensland Grant Bonus for First Home Owners

Recently the Australian government announced their plans to offer $25K grants for new constructions and significant renovations from now to the end of the year. This grant is hoping to provide a boost to the construction industry and trades, and help to stimulate the economy. This is great news for First home Owners looking to purchase their first property, with the Homebuilder Grant looking to be paid in addition to the $15,000 First Home Owners Grant in Queensland for eligible applicants.

Who is eligible?

To be eligible for the Homebuilder Grant you need to be earning less than $125,000 a year for individuals, and less than $200,000 a year for couples. You need to be looking to build a new home up to $750,000, and you need to have enlisted a registered builder to complete the construction project. Find out more about eligibility and requirements here.

To be eligible for the First Home Owners grant you need to have signed a contract for a new home, be 18 years or older, you must not own any property prior to applying for the grant, and move into the property as your principle residence within a year and reside there for at least 6 months (among other criteria). You can find out more and check your eligibility here.

How does it apply to the Dual Key Way program?

The Homebuilder Grant can be used in conjunction with the First Home Owners Grant in purchasing a selected dual occupancy property to lower purchase price even further. Read about the Dual Key Way here.

Quick example:

Indicative – New House Build (3 bedroom plus 2 bedroom) and Land packages of $500,000 for the first home buyer.

Calculations are based on a 10% deposit – and utilising the First Home Owners Grant plus Homebuilder Grant and renting the auxiliary unit at $280 per week.

Purchase: $500,000
Loan: $425,000
Interest rate: 3%
Loan repayment: $416/week
Rent: $280/week
Buyers contribution: $136/week