First home buyers in Queensland aided by state government funding
As the housing industry continues to strengthen across the nation, now could be a great time to consider buying a house - especially if you're a first home buyer. The Queensland government has recently announced that more than 5,000 families across the state have taken advantage of the $15,000 Great Start Grant offered to help people purchase their first properties.
After being announced in the 2012/13 budget, the program has had over 5,200 applications, with almost 500 grants approved and ready to receive payment. Treasurer Tim Nicholls said these funds were being used to not only help first home buyers secure their own real estate, but also to contribute to the recovery of the construction industry across the state.
The funding is available to first home buyers who are either purchasing or building a new home, townhouse or unit with a value of up to $750,000.
"The government has paid almost $79 million in grants, leading to many millions more being injected into the construction industry as first home buyers purchase their new homes," said Mr Nicholls in an April 1 statement.
While almost 50 per cent of the new home buyers were in Brisbane, there were roughly around 20 per cent of these grants paid to the Northern region of Queensland, while another 10 per cent were focused on buyers in the Gold Coast region.
Mr Nicholls went on to say that as construction is one of the state's main economic pillars, it was important for the government to take steps towards supporting the development of the industry. This will translate into further growth for the state overall, propelling the Sunshine State further into the national spotlight.
"We've had 24 consecutive months of growth in the total number of trend dwelling approvals. Approvals in January this year were 64.3 per cent higher than in January 2012 in trend terms. We expect that the construction sector will continue to improve in 2014 with sustained low interest rates and stronger household income growth," said Mr Nicholls.
Furthermore, the low cash rate and subsequent reduced interest rates could be useful for securing a competitive home loan in the coming months.
With a growing population expected to continue rising in the near future, now could be the best time for those sitting on the fence about purchasing their first residential property.