Qld First Home Buyer Grants and Concessions


There are many incentives offered by banks to help first home buyers get into the market, including using your rent history as “genuine savings” or allowing a Parental Guarantee’s to wipe out the potential $20,000+ cost of Lenders Mortgage Insurance. In addition there are 2 big “leg-up’s” offered by the Qld Government. These are the $20,000 Construction Grant, and the concession on Stamp Duty.

Couple Moving Home

On 1 July this year the Qld Government increased the Construction Grant from $15,000 to $20,000. To be eligible you must be a first home buyer and must be buying a new brand home or unit, or building a new home. Recently we have seen a few first home buyer who were looking to buy an established home, but as they were falling slightly short on their deposit have opted instead to make their first home a new unit (or decided to build a new home). The $20,000 Construction Grant is a  welcome “top-up” to their deposit to get them onto the property ladder sooner, and is generally available on a purchase up to $750,000.

The second Qld Government incentive for first home buyers is with a discount to the cost of Stamp Duty. Normal stamp duty on a home of $500,000-$550,000 would be approx $10,000, and needs to be paid up front (potentially taking a big bite of your deposit funds). For a first home buyer they can receive a concession which reduces the stamp duty to nil (phew!). The concession is 100% (no stamp duty) up to $504,999 purchase price and “phases-in” to full stamp duty ($10,600 plus) once purchase price goes past $550,000. The Stamp duty concession above is based on an established home (existing home), and the rules/limits change for purchasing land to build a new home.

It can be confusing, particularly with how these two incentives for first home buyers work together. An expert by definition is someone who can explain complex things with ease, and a good broker should be an expert in helping you getting a start on the property ladder. Brokers play an important role in assisting first home buyers…our service costs you nothing…so don’t be afraid to pick up the phone, or email, or even pm to get your questions answered. All good brokers will be happy to share their expertise and happy to help you get started on your property journey.


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