labelCategory: First Home Buyers , Government Scheme , Home Loan , News
The Queensland budget (2022-23) includes:
- $200 million over three years for growth infrastructure to unlock more housing supply
- $10 million in support over two years to address land supply, population growth and property development challenges across South-East Queensland
- $95.8 million through the Queensland First Home Owners’ Grant to assist first-home buyers
- $123.2 million for HomeBuilder Grants, towards building a new home, buying a new home or substantially renovating an existing home
The Three Focus Areas
Cost of living support
While living and housing costs in Queensland are still generally cheaper than in many other states and territories, there have been considerable inflationary pressures. The Queensland budget for 2022-23 is advancing several initiatives that will provide immediate and long-term solutions to reduce the financial pressures of the rising cost of living.
For instance, a retired couple in their 70s, with no dependants, living in their own home in South-East Queensland in 2022-23, who have both a Queensland Seniors Card and a pension, will qualify for savings such as a $372 electricity rebate, a $120 South-East Queensland water subsidy, $200 for council rates, and $81 for gas. In addition, they will receive $175 off their electricity bill and a discount of about $174 on annual registration for a small 4-cylinder car. With these concessions, they save $1,122 in total. Moreover, they are qualified for subsidised transportation, saving 50% on fares.
The Queensland Government wants to ensure that policy and regulatory settings support the delivery of high-quality housing at a fair price for all Queenslanders. To encourage more first-time buyers to enter the market while also increasing housing availability, the Queensland First Home Owners’ Grant of $15,000 is available on homes worth up to $750,000. The Queensland Government will be planning and assisting the delivery of new land supply and dwellings across Queensland towns, including the Priority Growth Areas.
Queensland’s transfer duty rates for most home prices are competitive when compared with other states and territories. The reductions for first-home buyers go up to $15,925. When a property is purchased as a residence, the Queensland Government provides considerable incentives for the transfer of land. This results in qualifying house buyers paying a 1% concessional rate instead of the regularly scheduled rates of between 1.5% and 3.5% on the first $350,000 of dutiable value. First-time homebuyers who spend up to $500,000 on a property are exempt from paying any duty, and reduced rates are offered on homes worth up to $550,000.
Speak with one of Home Loan Experts’ mortgage brokers to discuss your situation and make the most of the QLD budget’s provisions for home buyers. Please call us on 1300 889 743 or fill in our free assessment form.