How the first home owner grant can reduce your deposit in QLD
The First Home Owner Grant can be used as part of a deposit for first-home buyers in Queensland, reducing the barrier to entry and getting them into their own homes faster.
Full transcript
Can I use the First Home Owner Grant as part of my deposit? Yes, you can. Some lenders allow us to use the First Home Owner Grant as a part of your deposit, whereas some lenders will treat it as a rebate on the back end.
In the second example, if they're using it as a rebate on the back end, what that means is that you need to come up with a full amount of the deposit upfront, and then once you've settled and once that house has reached a certain stage, you'll actually get paid the First Home Owner Grant back to you.
What we're typically looking for when we're dealing with our first home buyers is banks that allow us to use the First Home Owner Grant as part of your deposit. Because what that means is that the funds required in order to be able to settle are often less.
When we're looking at this in Queensland, if we're looking at the $30,000 First Home Owner Grant, it means that we can come up with a deposit that is $30,000 less, and that minimises the barrier to entry, which gets first home buyers into their own homes much faster.