Queensland $30,000 First home owner grant

The Queensland State government is doubling the First Home Owner Grant, taking the total to $30,000 for eligible first home buyers.

This increase in the First Home Owner Grant is a welcome development for many first-time home buyers who were struggling to save enough money for a deposit. The additional funds will provide more options and opportunities for those who are looking to enter the property market.

Here are some of the ways the increased grant can benefit first home buyers:

• More choices: With a larger deposit, first home buyers can now consider a wider range of properties and locations, including those that were previously out of reach.
• Lower mortgage payments: A larger deposit also means a smaller loan amount and lower monthly mortgage payments, which can ease the financial burden of home ownership.
• Faster equity growth: A bigger deposit can also help first home buyers build equity in their property faster, as they will owe less to the bank and own more of their home from the outset.
• Reduced Lender's Mortgage Insurance (LMI): LMI is a fee charged by lenders to protect themselves against the risk of a borrower defaulting on their loan. With a larger deposit, first home buyers may be able to avoid or reduce the amount of LMI they need to pay.
• Increased confidence: The increase in the grant may also give first home buyers a boost of confidence, knowing that the government is providing additional support to help them achieve their dream of home ownership.

Overall, the doubling of the First Home Owner Grant is a positive step towards making home ownership more accessible and affordable for first-time buyers.  For more information on this grant, click here