Palaszczuk Government Backs First Home Buyers to Enter Market

First Home Buyers are among the big winners in the 2017-18 Budget.

Treasurer Curtis Pitt said the $20,000 First Home Owners’ Grant would be extended by six months to drive further construction and economic activity.

“The Palaszczuk Government recognises how difficult it is for first home buyers to get into the housing market,” Mr Pitt said.

“That’s why we temporarily increased the First Home Owners’ Grant from $15,000 to $20,000 on 1 July last year, an offer that was set to expire at the end of this month.

“The 2017-18 Budget contains additional funding of $30 million to extend the boosted grant offer for a further six months.

“That gives First Home Buyers until 31 December 2017 to sign a contract on a new home and access this generous incentive.”

It is specifically for transactions for buying or building new houses, units or townhouses valued at less than $750,000.

Mr Pitt said the popularity of the First Home Owners’ Grant is clear with 4,900 application worth $98 million approved so far, with more to be approved as house purchases by applicants proceed.

“This is one of the most effective ways of helping families to get a start with a new home while simultaneously creating construction jobs and spurring on the economy,” Mr Pitt said.

“Queensland’s established property market is also looking healthy, which is encouraging for homeowners across the state.

“However we recognise that there are regions which need our assistance, which is why I’m encouraging first home buyers to apply for the First Home Owners' Grant.

“This grant can have even greater effect in regional Queensland, where $20,000 may be more than half of the 10 per cent deposit for a median priced house.

“It’s an initiative that will continue creating jobs and help more Queenslanders into home ownership.”

For more information about the Queensland First Home Owners’ Grant visit: www.firsthomeowners.initiatives.qld.gov.au