June 14, 2016
First home buyers will receive an extra $5000 from the State Government over the next 12 months.
Treasurer Curtis Pitt announced in Tuesday’s State Budget that the First Home Owners’ Grant will expand from $15,000 to $20,000 next financial year.
But it will only apply to newly constructed homes valued at less than $750,000.
Mr Pitt said the $5000 boost would go towards helping young Queenslanders reach the 10 per cent deposit needed for properties.
“This doesn’t just mean more Queenslanders in new homes, it also means more jobs for our building industry,” Mr Pitt said.
The $40 million cost over two years will be offset by the introduction of a 3 per cent stamp duty tax on foreign investment in residential property from October 1.
This will produce an estimated $90 million in revenues over the coming four years.
The increase in the grant was welcomed by the Master Builders Association, who believe it will provide a boost for the building industry, particularly in regional areas.
It was also welcomed by First Home Buyers Australia, who said they thought it was a win for first home buyers, though they would like to see the increase last longer than 12 months.
The new First Home Owners’ grant will apply from July 1.
Budget Wrap-Up:
