Purchasing a Home in Queensland; What Support is Available
Entering into the property market for the first time can be an exciting milestone in one’s life, with Moremac projects accounting for a significant number of first home buyers throughout Queensland.
Date
31.10.2024
Author
Moremac Property Group
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Moremac has communities now selling in Deebing Heights near Ipswich and Beaudesert in the picturesque Scenic Rim, ready and waiting for families to create their dream homes.
Prospective buyers visiting Moremac’s sales offices are curious as to what exists at a State and Federal level of government, to assist in getting them a foothold into the market.
In Queensland, two key initiatives exist from the State Government available specifically for first home buyers.
Queensland First Home Owner Grant
The First Home Owner Grant gives eligible first-time home buyers $15,000 or $30,000 towards buying or building a new home in Queensland.
To be eligible, purchasers must be aged 18 years and over, and hold Australian citizenship or permanent residency (or applying with someone who holds either of these).
The grant cannot be secured by those who have received a First Home Owner Grant in any other state or territory, and both applicant or spouse must not have owned residential property in Australia. It is also not available to purchase investment properties.
Queensland Housing Finance Loan
The Queensland Housing Finance Loan may be available for Queenslanders who can afford to buy or build a home but can’t get private finance from a bank or building society. Key to the loan is a household income of less than $141,000 per year.
Those eligible can use this loan to build a house, buy an established house, unit, townhouse or duplex.
The loan requires a minimum deposit of 2% of the purchase price, or the difference between the maximum loan you’re eligible for and the property’s purchase price. It offers variable or fixed interest rates.
Eligibility requirements include living in Queensland and holding an Australian citizenship or permanent residency, not owning or part owning another property, intention to live in the home, and a good credit history with no significant debts plus more.
To learn more about what’s available for Queenslanders, visit the Queensland Revenue Office website.
At a Federal Government level, additional support also exists.
Australian Government’s Home Guarantee Scheme
Support for purchasing a home is available through the Federal Government’s Home Guarantee Scheme (HGS) which exists to support eligible home buyers to buy a home sooner. The Scheme is administered by Housing Australia on behalf of the Australian Government.
Limited spots are available every financial year for each of three guarantees and is facilitated by a panel of 32 participating lenders including the likes of Commonwealth Bank and NAB, along with non-major lenders such as Auswide Bank, Australian Military Bank, Bank Australia, Police Bank, Regional Australia Bank and Indigenous Business Australia.
Usually, home buyers with less than a 20% deposit need to pay lenders mortgage insurance. Under the First Home Guarantee, eligible home buyers can purchase a modest home with a deposit of as little as 5% (lenders criteria apply). This is because Housing Australia guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible home buyer’s home loan.
The Scheme includes three types of Guarantees:
- First Home Guarantee (FHBG) – supporting eligible home buyers to buy a home sooner, with a deposit as little as 5%. For FY2024-25, 35,000 places are available.
- Regional First Home Buyer Guarantee (RFHBG) - supporting eligible regional home buyers to buy a home sooner, in a regional area, with a deposit as little as 5%. For FY2024-25, 10,000 places are available.
- Family Home Guarantee (FHG) – supporting eligible single parents and eligible single legal guardians of at least one dependent to buy a home sooner, with a deposit as little as 2%. For FY2024-25, 5,000 places are available.
In 2024, the Federal Government also announced the Help To Buy Program, which will be the first national shared equity scheme of its kind and cut the cost of buying a home by up to 40 per cent.
Help To Buy has not yet launched, however information is available on both initiatives at the Housing Australia website.
Moremac sales staff are also available to assist in any queries Queenslander’s have regarding purchasing their first home.
Projects in Queensland include South Place in Deebing Heights, visit www.southplace.com.au for more information.
Beaumoor in Beaudesert is also open for enquiries, visit www.beaumoor.com.au.
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