Help first homeowners into the market
Need help with buying your first home?
Snapshot
- Increasing the first home concession threshold on transfer (stamp) duty to $700,000
- Increasing the first home vacant land concession threshold on transfer duty to $350,000
- Doubling of the first home owner grant
- Targeted home ownership support for First Nations peoples aspiring to own a home
- Increased regional Queensland finance loan support
- Australian Government ‘Help to Buy’ Scheme
The biggest purchase most people will ever make is their first home. We’re keeping the Australian dream alive by making it possible for more Queenslanders to afford their own home.
Over the last 8 years, the Queensland Government has supported 69,000 first homeowners through the first home owner grant. Right now, it’s tough for aspiring buyers trying to get a foothold on the property ladder. Many young people expect to never own a home and First Nations peoples are half as likely to achieve home ownership than other Queenslanders.
We want to make sure there are more ways to get into the market than the bank of Mum and Dad, so we’ve doubled the Queensland first home owner grant to $30,000 for new builds and increased the first home concession thresholds on transfer (stamp) duty. This gives first homeowners help with their deposit while driving more supply into the market.
We will also introduce new initiatives and measures for homeowners, including adopting the Australian Government’s new Help to Buy scheme for low and middle-income families.
What we're doing
Transfer duty concessions for first homebuyers
We have increased the first home concession threshold on transfer (stamp) duty to $700,000. We have also increased the first home vacant land concession threshold on transfer duty to $350,000. These increases are expected to help 10,000 first homebuyers a year. The change will target first homebuyers in market sectors more likely to have affordability challenges and find it harder to purchase a home.
A helping hand for first homebuyers
We have doubled our first home owner grant to $30,000 for new homes until 30 June 2025. This is the most generous scheme in the country. By targeting new homes, we’re also encouraging more supply into the market – which is the number one thing that will make housing more affordable in the long term.
Focus on First Nations home ownership
We are determined to make our housing system fairer and close the gap for First Nations peoples in urban, regional and remote areas. Achieving homeownership aspirations is a key focus of Our Place: A First Nations Housing and Homelessness Action Plan 2024–2027
Supporting social housing tenants to become homeowners
Bridging the finance gap for regional homeowners
It can be difficult to get a home loan if you live in a regional or remote area – but you shouldn’t have to leave your community to own a home. We will make it easier for people to stay in country areas close to their families, jobs and community connections.
From 1 July 2024, we’ve increased the income eligibility threshold in a 2-year trial for the Queensland Housing Finance Loan to $201,000 per year for regional Queenslanders living within 45 rural and remote council areas. This will help bridge the gap for regional Queenslanders who struggle to get home loan finance because of where they live.
What's to come
Introducing a national Help to Buy Scheme
The Australian Government’s Help to Buy scheme will make it easier for up to 10,000 low- and middle-income families per year around Australia to buy a home. We're working with the Australian Government to progress enabling legislation to get the scheme up and running and make it available to aspiring homeowners as quickly as possible.
The Help to Buy (Commonwealth Powers) Act 2024 has referred matters to the Commonwealth Parliament to give the Australian Government the constitutional basis needed to progress the Commonwealth Help to Buy Bill 2023 and establish the Help to Buy Scheme.
Find out more about the Help to Buy Scheme.