Government Grants explained for first-home buyers in North Brisbane and surrounds;

Buying a home is a big milestone in life!

The prospect of purchasing your dream home in North Brisbane (or anywhere) can be daunting. You will start hearing terminology that is new to you and maybe even wonder, “what does that mean for me?”…..

So, this is where we come in with some good news! Did you know that there are some great ways to make this journey easier with a range of government grants and incentives?

What are Government Grants?

Well, these programs are designed to provide financial support and incentives for home buyers. This can be such a valuable asset along with working with a local Mortgage Broker. So, for a lot of people like you, these grants and incentives will solidify your dream of homeownership. In this article, we will explore the various government grants and incentives available to North Brisbane home buyers.

Government Grants and Incentives for First-Home Buyers is our ‘thing’, here at North Brisbane Mortgage Brokers!

 

First Home Owner Grant (FHOG): Your First Step Towards Homeownership

 

For many first-time home buyers in North Brisbane, the First Home Owner Grant (FHOG) is the ideal starting point. This grant is available to Australian citizens or permanent residents who are purchasing or building a new home in Queensland – could this be you?

And while FHOG amounts may vary, they usually offer around $30,000 under this particular grant. Excitingly, this same grant has recently been increased from $15,000 to $30,000!

So, we think this is a very welcome announcement which was initially made on the 20th November 2023. The grant aims to provide financial assistance to first home buyers entering the property market for the first time. It’s something we love to talk about as it’s been a huge helping hand for our clients.

 

To be eligible for FHOG, a certain criteria must be met, such as;

 

– The value of the property needs to be less than $750,000

 

– Residency requirements

 

– Intended use of the property.

It’s important to note that the property must be located within North Brisbane or any other region in Queensland to qualify for the grant – that’s not a bad thing though, right!?

And you will also need to spend 12 months living in the property, unless you are an Australian Defence Force member and have been posted to another state. This is just something to keep in mind.

 

Stamp Duty Concessions: Saving on Property Transfers

 

Stamp duty can often be a substantial cost when purchasing a home.

Fortunately, North Brisbane home buyers can take advantage of stamp duty concessions provided by the Queensland government. These concessions can result in significant savings when transferring property ownership. We’ve assisted many locals with this process and it’s something we know a lot about!

 

First-time buyers will receive a concession for any purchases up to $500,000. And will receive a subsidised concession from $500,000 – $549,999. This concession can save up to $8,000 for first home buyers which is a huge helping hand!

More information on concessions; 

One important note on this concession is that as an owner occupier, you will receive a stamp duty concession so long as the intended purpose is owner occupied.

And these concessions may be available for first-time home buyers, owner-occupiers, and specific property types.

Also, the eligibility criteria for stamp duty concessions may vary depending on the property’s value and intended use.

Our friendly team of local mortgage brokers can provide detailed information about these concessions to help you understand how they can benefit you.

Help to Buy Scheme: Helping more first time home buyers

As a first home buyer in North Brisbane, Queensland, you’re probably eager to learn more about the Australian government’s new ‘Help to Buy’ scheme.

We get asked about this one a lot! Which is set to be released in 2024. This initiative aims to make homeownership more accessible by;

– Providing eligible buyers with a shared equity contribution of up to 40% for new homes

– And 30% for existing properties.

This means you can secure your dream home with a smaller deposit, reducing the upfront financial burden – a welcome sigh of relief for many of you!

So that you make the most of this scheme and ensure a smooth home buying journey, it’s beneficial to work with an experienced mortgage broker.

How A  Good Mortgage Broker Helps

“Why use a broker?” you ask, well a local broker can actually guide you through the eligibility criteria, application process, and potential benefits of the ‘Help to Buy’ scheme. 

Here at North Brisbane Mortgage Brokers, we’re trusted with advice for your specific circumstances and financial goals.

With trusted expertise, you can navigate the complexities of shared equity ownership, ensuring a rewarding home buying experience.

And, here’s a table summarising the key details of the ‘Help to Buy’ scheme:

Feature	Details
Shared equity contribution	Up to 40% for new homes, 30% for existing properties
Minimum deposit	2% of the property purchase price
Eligibility	Australian citizens or permanent residents aged 18 or over
Income limit	$125,000 for individuals, $200,000 for couples
Property price limit	Varies depending on the location

 

Regional Home Building boost Grant: Focusing on North Brisbane

 

North Brisbane is recognised for its unique character and charm, making it an attractive destination for home buyers. The Queensland government acknowledges the appeal of this region and offers the Regional Home Building Grant as an incentive for those purchasing homes in specific areas.

 

Additionally, the eligibility criteria for this grant may include residency requirements, property values, and location.

North Brisbane home buyers can benefit from this grant, especially when looking to build in the specified regions.

 

We wanted to include some additional tips for first home buyers in our beautiful North Brisbane and surrounds;

• Start saving early for your deposit.

• Research the different types of home loans available.

• Understand the costs involved in buying a home.

• Get pre-approved for a home loan before you start house hunting.

Our trusted team of first home loan mortgage brokers are locals like you! And we’re here to help, if you are looking for your dream home and not sure where to start? Please keep in mind, this scheme is set to be released in 2024.

 

Professional Guidance: Navigating the Grants and Incentives

 

While government grants and incentives offer a fantastic opportunity for home buyers, navigating the eligibility criteria and application processes can be scary.

This is where we like to make a difference.

Because we were once in your position, too, so we understand the local property market. This is why we also know all of the specific government programs available in the region, and how to maximise the benefits for our lovely clients.

 

We’ve basically made it our personality to ensure that you make the most of the opportunities available to you. We’ve helped a lot of locals and young families in the application process. We’ll help you determine your eligibility, and provide valuable insights and tips. 

Purchasing a new home doesn’t need to be scary, we promise! 

 

Contact North Brisbane Mortgage Brokers today to learn more about how these government grants and incentives can benefit you on your path to homeownership.