Queensland First Home Buyer Grants and Transfer Duty Concessions
First Home Buyer Options in Queensland (QLD)
Queensland offers significant financial assistance to first home buyers through the First Home Owner Grant and the First Home Concession for Transfer Duty. These programs are designed to help ease the financial burden of purchasing a first home and to help Queenslanders get into the property market sooner rather than later.
| First Home Owner Grant of $30,000 | First Home Concession forTransfer Duty | |
|---|---|---|
| Region | Queensland only | Queensland only |
| Description | The First Home Owner Grant provides a payment of $30,000 to first home buyers when purchasing a new home or building a new home up to a certain value. | The First Home Concession provides a full or partial exemption on the transfer duty payable on a property purchase up to a certain value. |
| Minimum deposit | No minimum | No minimum |
| Property type | New home, building a new home, a substantially renovated home or off-the-plan (apartment) or owner-builder | New and existing |
| Owner occupied or investment | Owner occupied only | Owner occupied only |
| Location | Metro or regional | Metro or regional |
| Number of places for FY24 | Unlimited | Unlimited |
| Borrower eligibility | Single and couple applicants | Single and couple applicants |
| Income limit | Not means tested | Not means tested |
| Purchasing history | You or your spouse must not have owned residential property in Australia: - on or after 1 July 2000 that you lived in - before 1 July 2000, whether you lived in it or not. | Must be first home buyers |
| Property value limit | $750,000 | Transfer concession on properties up to $800,000 and for vacant land up to $500,000 if the contract was signed after 9 June 2024. Lower limits for properties purchased prior to 9 June 2024. |
| Requirements for living in the property | First Home Buyers must move into the home within 12 months after settlement, and live in the property as your principal place of residence for at least 6 continuous months. | First Home Buyers must move into the home within 12 months after settlement, and live in the property as your principal place of residence for at least 12 continuous months. |
| Link to more information | Queensland Revenue Office | Queensland Revenue Office |
“Our experienced mortgage brokers are well-versed in the eligibility criteria and application processes for these grants and concessions. We offer personalised guidance to ensure that you can maximise the benefits available to you as a first home buyer.”
Queensland specific grants and concessions
First Home Owner Grant
The First Home Owner Grant provides a payment of $30,000 to eligible first home buyers. This grant is specifically aimed at those purchasing or building a new home, including homes that have been substantially renovated. To qualify, applicants must be buying a property in Queensland. There is no minimum deposit required, and the grant applies to new homes, homes being built, off-the-plan apartments or townhouses, or substantially renovated properties. It is important to note that the property must be owner-occupied, meaning the buyer must live in the home rather than using it as an investment property.
The grant is available in both metropolitan and regional areas of Queensland, and only one grant of $30,000 is applied to the property transaction, not the number of owners. Both single and couple applicants can apply, and there is no means test for income, making it accessible to a wide range of first home buyers. However, neither the applicant nor their spouse should have previously owned residential property since 1 July 2000 in Australia to be eligible. The value of the property must not exceed $750,000. Furthermore, recipients are required to move into the home within 12 months of purchase and live there for a minimum of six months. For more detailed information and to apply, please visit the Queensland Revenue Office.
First Home Concession for Transfer Duty
The First Home Concession for Transfer Duty offers a substantial financial benefit to first home buyers by providing a full or partial concession on transfer duty, significantly reducing the upfront costs associated with purchasing a home. This concession is available for both new and existing homes in Queensland and, like the First Home Owner Grant, is restricted to properties that will be owner-occupied.
Applicants can purchase homes in metropolitan or regional areas, and there is no limit on the number of concessions available for the financial year 2024. The eligibility criteria are straightforward, with both single and couple applicants welcome to apply and no income testing involved. The key requirement is that the applicants must be first home buyers, having not previously owned a residential property. The concession applies to properties valued up to $800,000, providing significant savings on transfer duty for eligible buyers. Similar to the grant, those benefiting from the concession must move into their new home within 12 months of purchase and reside there for at least six months. More information can be found at the Queensland Revenue Office.
When you partner with Mint Equity, you gain access to a dedicated team that:
Provides expert advice
Our brokers have in-depth knowledge of the Queensland property market and the specific requirements of the First Home Owner Grant and the First Home Concession for Transfer Duty. We ensure that you understand all the necessary criteria and documentation required to apply successfully.
Assists with applications
The application process for grants and concessions can be detailed and time-consuming. Mint Equity assists you in completing and submitting your applications accurately and efficiently, reducing the risk of delays or rejections.
Offers tailored mortgage solutions
Beyond grants and concessions, we help you find the best mortgage options tailored to your financial situation and home ownership goals. We compare a wide range of products from various lenders to secure competitive rates and favourable terms for your home loan.
Guides you through the home buying process
From initial consultation to settlement, Mint Equity supports you every step of the way. We provide ongoing advice and support, ensuring that you are well-informed and confident throughout your home buying journey.
Ensures compliance with grant conditions
After securing your grant or concession, we help you understand and meet any ongoing requirements, such as living in the property for a specified period. This ensures that you remain compliant and retain the benefits you have received.
Meet the Mint Equity team
“We had excellent experience with Mint Equity when purchasing our first home. Their expertise and dedication to finding the best loan and making sure we had all the right information was outstanding. Zac, Brad and Rebecca made the complex process simple and stress-free. Highly recommend their top-notch service for any mortgage needs! A huge thank you to the entire Mint Equity team!”
Frequently Asked Questions about Queensland Government First Home Buyer Grants
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To be eligible for the First Home Owner Grant in Queensland, applicants must be purchasing or building a new home or a substantially renovated home for the first time. The property must be located in Queensland and must be owner-occupied. There is no minimum deposit required, and both single and couple applicants can apply. Importantly, neither the applicant nor their spouse should have previously owned residential property in Australia since 1 July 2000 to be eligible. The value of the property must not exceed $750,000.
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The First Home Concession for Transfer Duty provides a full or partial concession on the transfer duty payable on a property. This concession is available for both new and existing homes up to a value of $800,000. The concession significantly reduces the upfront costs associated with purchasing a home. To qualify, the property must be owner-occupied, and the applicants must be first home buyers, meaning they have not previously owned residential property in Australia. The concession is available for both single and couple applicants, and there is no income testing. If you are purchasing a property with a value above $800,000 the Home Concession may apply and you can check your eligibility on the Queensland Revenue website.
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Recipients of either the First Home Owner Grant or the First Home Concession for Transfer Duty must move into the property within 12 months of purchase. They are required to live in the home as their principal place of residence for a continuous period of at least six months. This condition ensures that the benefits are provided to genuine first home buyers who intend to make the property their primary residence.
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Yes, eligible first home buyers in Queensland can apply for both the First Home Owner Grant and the First Home Concession for Transfer Duty. These programs are designed to complement each other, providing significant financial assistance to reduce both the purchase price and the associated transfer duty costs. By applying for both, first home buyers can maximize their financial benefits and make home ownership more affordable.
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More detailed information about the First Home Owner Grant and the First Home Concession for Transfer Duty, including eligibility criteria and application processes, can be found on the Queensland Revenue Office website. Applicants are encouraged to visit the Queensland Revenue Office to review the requirements, check their eligibility, and submit their applications online.
