First Home Owners Grant 2024 – Understanding What It Is

The cost of living has made it harder than ever before for Aussies to buy their first home. While living with your parents until you’re 30 is becoming an increasingly common reality, thankfully there are ways to get a leg up in the property market. The First Home Owners Grant 2024 is a government initiative designed to help first home buyers afford a house or a block of land to build their property on. No more having to save up coins in the piggy bank!

If you require the services of a friendly mortgage consultant dedicated to helping you secure your dream loan, give us a call on 07 3467 1582, send an email to hello@brokrloans.com.au, or reach out through the below contact form.

How much is the First Home Owners Grant 2024?

As the First Home Owners Grant is funded by state governments, the amount given differs depending on the location where you are planning to buy. In Queensland, the grant amount is $30,000, which is given as one lump sum that is not taxable and doesn’t have to be repaid. It must be used on buying or building your first home, however, meaning you can’t suddenly jet off to Vegas. There are also other key considerations to be aware of when receiving this money.

The total value of the home you are buying must be less than $750,000, which includes the cost of the land, and any changes made to the contract. Houses, units, duplexes, townhouses, and granny flats are all eligible purchases under the criteria. It can also be used for substantial renovations, allowing you to transform your chosen property into the supervillain lair of your dreams. Best of all, the grant money can be put towards your deposit to give you a big boost.

Who is eligible for the First Home Owners Grant 2024?

While the specific criteria may differ depending on your state, the following criteria is universal for the First Home Owners Grant:

• You must be over the age of 18.
• You must be an Australian citizen or a permanent resident, or if you are buying the property with someone else, at least one of you must be a citizen or permanent resident.
• You must not have previously owned or co-owned a home in Australia.
• You must not have received the First Home Owners Grant in the past.
• The home must be purchased for you to live in and not as an investment property.
• You need to live in the home for at least 6 months after purchasing or building it, and need to move in within 1 year of gaining ownership.

How to apply for the First Home Owners Grant 2024

Applying for the First Home Owners Grant is easy, and our friendly team here at Brokr is here to take you through the process. We handle your grant application at the same time you apply for a home loan to make the process as streamlined as possible. We’ll even help you take care of the boring paperwork so you can spend more time fantasising about your new home.

Along with the completed application form, you will also need to provide any required supporting documentation. Once you have applied, it typically only takes 1 to 2 weeks to hear back about the outcome. You are also able to apply for the grant by applying directly to your state’s government body, though this is typically a slower and more complicated process.

Apply for the First Home Owners Grant 2024 today!

At Brokr, we’re the home loan providers you can depend on for tailored loans, quality banter, and great Netflix recommendations. Whether you are looking to buy your first home or renovate your existing property, we search high and low to find the perfect loan for you. Complete our contact form, send an email to hello@brokrloans.com.au, or give us a call on 07 3467 1582 to arrange a coffee catchup with our team.