Last week the Queensland Treasurer, Curtis Pitt, urged first home buyers to sign up for the $20,000 grant for purchasing new property before it decreases to $15,000 from July 1, 2017. Over the next few weeks – months there will be a series of advertisements rolled out to encourage people to take advantage of this scheme.
Currently, government statistics reveal the number of Queenslanders scoring $20,000 to go towards their first home is on track to double those who took advantage of the scheme when they would only receive $15,000.
In the first seven months of 2016-17, $46.8 million was dished out to 2340 people – who received $20,000 each – to buy a new house, unit or apartment worth up to $750,000.
Despite calls from the REIQ to extend the scheme to existing housing, Mr Pitt says no state in Australia offered a first home owners’ grant for established housing; with the idea behind funding new housing purchases aimed at stimulating new construction and new jobs in the building/property industry.
“The strategic purpose of our $20,000 initiative is as much about getting Queenslanders into the property market as it is getting Queensland tradies back on the tools,” he said.
“Anyone who is waiting to buy in the hope that this offer will be extended to include established homes is on the receiving end of bad advice and they risk missing out on the $20,000 boost altogether.”
It may only be February, but anyone eligible who is seriously considering buying, should be starting to act immediately, as the process of buying a new home, securing finance and sorting out other legalities can be more time consuming than often expected.
To find out more about eligibility for the first home buyer’s grant click here.