Qld government doubles FHB grant

The Queensland government has confirmed that it has doubled the Queensland First Home Owner Grant to $30,000 in the North Queensland region for new builds under its Homes for Queenslanders plan to further address the state’s housing supply and affordability issues.

The grant will be available for eligible Queenslanders until 30 June 2025.

Queensland Premier Steven Miles announced earlier this week (6 February) a $3.1 billion investment into the Homes for Queenslanders program in the “single largest investment in Queensland’s housing system” designed to support first home buyers and renters, provide faster home builds and work towards ending homelessness in the state.

The Premier added that by doubling the Queensland First Home Owner Grant, it is now the “highest grant available in mainland Australia”.

“Under our Homes for Queenslanders Plan we are going further with a Queensland Home Finance Loan Pilot supporting Queenslanders living in regional locations,” Mr Miles said.

“Housing shouldn’t be used as political football.

“I will do everything I can as Premier to seek bipartisan support in Queensland for this initiative … because we have not seen this at a national level.”

The state government confirmed it will seek to introduce new initiatives and measures for home owners, such as adopting the federal government’s Help to Buy Scheme for low- to middle-income families.

The Home for Queenslanders plan aims to deliver another 1 million homes across the state by 2046.

A mixed response

The move to double the First Home Owner Grant was first announced by the state government in late November last year, which was estimated to support around 12,000 buyers to unlock their homes by the boost’s expiry date.

The move drew criticism from the Real Estate Institute of Queensland’s (REIQ) chief operating officer Dean Milton who said while the association welcomed the government’s effort to encourage home ownership, it would have preferred to “see supply tackled head-on”.

“We’re facing some significant challenges in the real estate and housing sector at the moment that can’t be solved by providing a cash boost to some buyers,” Mr Milton said.

However, Queensland-based mortgage brokers said the move would “immensely” assist regional customers, partly due to the $750,000 property price limit.

Mortar Finance broker Giles McKinlay told Mortgage Business sister brand The Adviser at the time of the announcement: “I think it will really help people in regional areas who want to build … the $15,000 that they offer at the moment just isn’t enough as an incentive, people are just looking for established dwellings, they don’t want to build and this will really help.

“I’ve already had a couple of people actually message on the weekend asking for more information on it.”

[RELATED: REIQ questions Qld government’s FHB grant boost]