The Queensland government is doubling grants for people buying or building their first home.
About 12,000 people are expected to benefit from the $30,000 grants available from Monday and set to remain in place until June 30, 2025.
The change will cost $210 million, with the money raised through the government’s coal royalties regime.
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Premier Annastacia Palaszczuk said the increase was needed to combat the soaring cost of living.
“I hope this puts the dream of owning a first home within reach of more Queenslanders,” she said.
“We can only do this because we’re making sure coal companies pay their fair share.”
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The revised scheme leaves Queensland on an equal footing with Tasmania and is more generous than in other states and the NT.
Queenslanders must buy or build a new home valued at less than $750,000, including land and contract variations, to be eligible.
About 24,000 households across the state have received $365 million in homebuyer grants over the past three years.
Queensland Treasurer Cameron Dick said with more capacity within the housing construction sector, now was the time for people to build or buy.
“Queensland’s strong budget position gives us the flexibility to adapt to changing conditions like this, by reinvesting the proceeds from progressive coal royalties,” he said.
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