Buying your first home in Townsville is both daunting and exciting at the same time — it’s a significant milestone in your life that has a huge impact on your finances and your quality of life. If you’ve done any research, terms like “mortgage” or “loan deposit” would have come up alongside intimidating numbers that make your savings account look pale in comparison. 

We’re here to let you know that you’re not alone. In fact, 99% of all home buyers in QLD take on home loans to fund the purchase or construction of their first home (June 2022, Queensland Government). 

Apart from a home loan, the First Home Owners Grant in QLD can help provide some of the funds you need to unlock the doors to your first home in Townsville. In this article, we’ll tell you how to use the First Home Owners Grant QLD to get a home in Townsville.

What is the First Home Owners Grant QLD?

The First Home Owners Grant QLD — started on 1 July 2000 by the Queensland Government — is designed to provide financial assistance to first-home buyers for getting into the housing market. If eligible, first-time homebuyers can get a one-off payment of $15,000 that they can put towards buying or building a new home.

Benefits of the First Home Owners Grant QLD? 

For young individuals who don’t have years of savings to rely on for the purchase of their first home, the First Home Owners Grant QLD is a welcome help, providing many benefits:

Financial Advantages

With the average price of new homes in Townville hovering around the $550,000 mark, every bit helps — and $15,000 is no small amount. The grant amount from the First Home Owners Grant QLD provides some relief from the size and interest cost of home loans.

Maximising Potential Savings

Because of the added financial relief from the First Home Owners Grant QLD, homeowners can enjoy potential savings from smaller home loan interest costs. These potential savings can go toward other things like renovation costs or furnishings.

Choice of A Custom Home

With the First Home Owners Grant QLD, homeowners will have the freedom to choose to build one for themselves. Unlike older homes, they will be able to shape their home to their personal preferences and take advantage of modern construction for energy-efficient home designs. 

How to Use the First Home Owners Grant QLD in Townsville

Already thinking of applying? Here’s what you need to know about using the First Home Owners Grant QLD in Townsville: 

Eligibility Requirements for the First Home Owners Grant QLD

In order to get the First Home Owners Grant QLD for your first home in Townsville, you’ll need to meet the following criteria:

• Be an Australian citizen or permanent resident
• Be over the age of 18
• Have no present or past ownership of residential property in Australia
• Never previously received the First Home Owners Grant QLD
• Purchase or build a new home in Townsville that is valued at $750,000 or less 

Unsure if your circumstances affect your eligibility? You can also use this handy online tester to determine if you will be eligible for the First Home Owners Grant QLD.

Application Guide for the First Home Owners Grant QLD 

If you’ve met the criteria above, you can move on to the application process. The application for the First Home Owners Grant QLD can be made online through the Queensland Revenue Office (QRO) website with the following documents:

1. Your personal information, e.g. your name, residential address and date of birth.
2. Detailed particulars about the property you plan to purchase, e.g. its address and the agreed-upon purchase price.
3. Supporting evidence of your eligibility for this application, which may include a certified copy of your birth certificate or citizenship certificate alongside a copy of the sale contract for the property.

Make sure to provide all the requested details accurately and legibly for a smooth application process. Once your application has been approved, the funds will be deposited directly into your bank account.