With housing affordability at the forefront of the upcoming state elections, countless individuals may be overlooking significant financial assistance from the state government by not consulting with local mortgage brokers, according to Aussie Home Loan Brokers.
Queenslanders seeking to enter the housing market can access government incentives, including the First Home Owner’s Grant (FHOG).
This grant provides $15,000 for first-time homebuyers or $30,000 for those looking to build or buy a new home. Introduced in 2016 and doubled in 2023 to encourage uptake, the grant aims to assist those struggling to afford a home.
Despite the increased financial incentives, data indicated a troubling decline in the number of Queenslanders applying for these grants. Many are leaving tens of thousands of dollars unclaimed.
Aussie Home Loans brokers have emphasised that several new homeowners owe their achievements to this crucial government support.
For example, a 46-year-old single mother from Bowen, Queensland, recently faced eviction from her rental property amid a rising rental market.
With a 2% deposit and a lender mortgage insurance waiver, broker Max Direen was able to secure her a home loan at a rate of 6.39%.
“The client was so emotional and grateful that the First Home Guarantee Scheme was available, and that I was aware that she was eligible to qualify,” Direen said.
Similarly, Skye Brecciaroli, an Aussie Home Loans lender from Nambour, assisted a young couple with three children living in a caravan park tent.
“I have been able to help them leverage the Regional First Home Buyers Scheme to get a preapproval purchase on their home,” Brecciaroli said.
The FHOG is designed to support first-time buyers in Queensland. It offers a financial boost of up to $30,000 for purchasing or constructing a new home, including off-the-plan properties and renovated homes.
To qualify, the total property value must not exceed $750,000, and applicants must meet certain eligibility criteria.
David Hyman, CEO of Aussie Home Loans, stressed the need for governments to reassess their offerings to better assist home buyers.
“It is important to recognise that each state has a different market...” Hyman said. “Therefore, each state government needs to ensure that the grants they are announcing provide true value.”
He urged governments to adapt their strategies in light of current market conditions, providing genuine support for prospective homeowners.
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