It will also lift the concession threshold for vacant land to $350,000 up from $250,000.
The changes could save first home buyers up to $17,350, reports Savings.com.au.
The changes were announced as part of the Queensland state budget, released in June.
“The Queensland government estimates the changes will support around 10,000 buyers a year in owning their first homes,” Savings.com.au writes.
“There has been an uptick in first home buyers in the Sunshine State, with 7,016 loans written to first home buyers in the first four months of 2024, according to ABS lending data; this is compared to 6,748 compared to the first four months of 2023.”
Real Estate of Institute of Queensland CEO Antonia Mercorella welcomed the changes as a starting point, but said they’re “a little bit modest”, noting the REIQ has been advocating for the threshold to be lifted to $750,000 to better reflect the market.
Check out the Queensland Government announcement for some examples of how much could be saved: https://statements.qld.gov.au/statements/100531.
Check out more info on the Queensland first home buyer grant: https://www.savings.com.au/home-loans/buying-first-home/queensland-first-home-buyer-grants.
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