Palaszczuk Government’s Major Initiative to Boost First Home Ownership
In a groundbreaking move to empower aspiring homeowners, the Palaszczuk Government has announced a monumental increase in the First Home Owner Grant. Doubling the grant to a substantial $30,000, effective November 20, this initiative aims to ease the path to property ownership for Queenslanders.
A Historic Boost for First Home Ownership
The amplified incentive, now the highest in Australia, promises to aid around 12,000 buyers in securing their first homes by June 2025, marking a significant stride towards fostering home ownership.
This boost complements the government’s continued efforts to enhance housing accessibility and affordability across Queensland.
Doubling the First Home Owner Grant
This historic doubling of the grant is part of the Palaszczuk Government’s broader efforts to support aspiring homeowners.
Over 2,403 grants, amounting to $40.5 million, have already been paid to home buyers in Townsville, demonstrating the government’s commitment to facilitating home ownership in the region.
Since 2016, the government has facilitated over 24,000 households to own their first homes, injecting $365 million in grants.
Notably, Queensland’s homeownership rates have shown a positive trend, increasing from 62.2% to 63.5% between 2016 and 2021.
Government’s Dedication to Housing Accessibility
Premier Annastacia Palaszczuk emphasised, “Our government is committed to easing these pressures by delivering the largest cost of living relief package anywhere in the nation. I want to see homeownership rates continue to rise, which is why our government is stepping up to lend a helping hand.“
Treasurer Cameron Dick highlighted the government’s flexibility in leveraging the state’s robust budget position to facilitate housing access. “Getting more Queenslanders into their own home is something the LNP could not do because they would hand these progressive royalties back to coal companies,” he stated.
Minister Scanlon’s Commitment
Minister for Housing Meaghan Scanlon reinforced the government’s commitment to housing accessibility, stating, “All Queenslanders should have a place to call home.”
This substantial increase in the grant stands as a testament to the government’s dedication to ensuring housing affordability and accessibility for all, aligning with their extensive housing action plan, including investments in social and affordable housing, rental market expansion, and support for homebuyers in Townsville and beyond.
Palaszczuk Government’s Action Plan
This initiative aligns with the eligibility criteria for the First Home Owner Grant, providing substantial financial aid to those purchasing or building a new home valued at less than $750,000.
The doubling of the grant underscores the Palaszczuk Government’s unwavering commitment to empowering Queenslanders to achieve their dream of home ownership.
