Great Start Grant Reaches 7000th Queensland Family

16/08/2014

The Queensland Government’s $15,000 Great Start Grant has now helped more than 7000 Queensland families buy their first home.

Treasurer Tim Nicholls said with the program about to mark its two year anniversary, Great Start Grants totalling over $111 million had assisted Queenslanders from all over the state reach the milestone of home ownership.

“Our government’s strong plan for a bright future is seeing the construction sector move steadily ahead and the Great Start Grant program is a another part of delivering on that plan,” Mr Nicholls said.

“The $15,000 Great Start Grant, along with our reintroduction of the principal place of residence transfer duty concession is helping boost property and construction in Queensland, with ABS figures showing trend building approvals have increased by almost 25 per cent since the LNP’s election.

“Under Labor, the construction industry stagnated in Queensland, but our Government promised to grow construction as one of the four pillars of the state’s economy and that’s exactly what the grants are doing by encouraging new entrants into the housing market.

“In July, a record 602 grants were given out, with over $9 million going to first homeowners in that month alone.”

Mr Nicholls said almost 50 per cent of the new home buyers were in the greater Brisbane area.

“We’ve also seen nearly 20 per cent of the grants paid to home buyers in North Queensland and more than ten per cent to buyers in the Gold Coast region,” he said.

Housing Industry Association Executive Director Warwick Temby said the Great Start Grant delivered much-needed activity in the sector.

“The home building industry in Queensland is right behind this grant and actively promotes its value to clients,” Mr Temby said.

“It has been an important ingredient in getting first home buyers into the housing market, and because it is not time limited first homebuyers can plan and save knowing the grant is not about to expire.

“It can also remove the need for costly mortgage insurance for some homebuyers, making it a doubly worthwhile contribution to their purchase.”

Mr Nicholls said the Great Start Grant was available to first home buyers, purchasing or building a new house, townhouse or unit valued at up to $750,000.

More information about the program is available at www.qld.gov.au/greatstartgrant.