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Monday, May 27, 2024

Home owner scheme doubled

QUEENSLANDERS looking to get into the housing market have been given a boost after the State Government announced an increase to the First Home Owner Grant Scheme.

The scheme has seen a $15,000 increase, taking the total to $30,000 for eligible first home purchases.

This increase means Queenslanders will have access to the equal highest First Home Owner Grant in Australia, triple the grants available in New South Wales and Victoria.

It is estimated this doubling of the grant will support around 12,000 buyers to unlock their first home by 30 June 2025, when the boost is set to expire.

Minister for Housing Meaghan Scanlon said all Queenslanders should have a place to call home and this increase should help young people towards their goal of owning a home.

“Helping first home buyers is just one of the many ways our government is responding to national housing pressures,” Ms Scanlon said.

“We are delivering thousands and thousands of homes as part of our Big Housing Build.

“More than 200,000 forms of housing assistance were provided to Queenslanders last financial year alone.

“We hope this helps put home ownership in reach for young Queenslanders.”

The Government will use funds available through the progressive Coal Royalties regime to give back to first homeowners.

Over the last three years, the Queensland Government has supported more than 24,000 households into their first home through $365 million in grants.

Between 2016 and 2021, rates of home ownership in Queensland increased from 62.2 per cent to 63.5 per cent.

Keep up with the latest news in Cairns and the Far North, and check out some of our top stories this week: Akubra roped into Aussie hands and Police charge rapist after reopening case.

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