Federal Budget 2022-23 relief for first home buyers

8th April 2022

Nick Dametto MP

Katter’s Australian Party (KAP) Deputy Leader and Hinchinbrook MP Nick Dametto is calling on the Queensland Treasurer and Minister for Investment, the Honourable Cameron Dick to follow the Federal Government’s footsteps and include relief for first home buyers in the State Budget 2022-23.

Under the expanded Home Guarantee Scheme, 35,000 places will go to first-home buyers looking to purchase a new or existing home. This is an increase of 20,000 places in comparison to this financial year.

Also, under the new Regional Home Guarantee, an additional 10,000 places per year will be available for both first home buyers and previous homeowners in regional Australia.[1]

The Hinchinbrook MP said that the Federal Government sets an example by providing incentives for prospective homebuyers in regional Queensland and the State Government should follow in their footsteps.

“The KAP’s First Home Owners’ Grant proposed amendments would complement the Federal Budget’s policy objectives for the Home Guarantee Scheme and Regional Home Guarantee as it would encourage Queenslanders to get off the rental merry-go-round, resulting in an increase of rental properties available,” said Mr Dametto.

The KAP’s proposed amendments would allow prospective qualifying first homeowners to access the current $15,000 First Home Owners’ Grant to purchase an existing detached home or be eligible for improvements and renovations to a property under $300,000 in rural and regional Queensland.

“We have consulted with key stakeholders and the KAP’s policy amendments are backed by many local real estate agents, the Hinchinbrook Chamber of Commerce and numerous local councils such as Hinchinbrook Shire Council and Townsville City Council,” said Mr Dametto.

“Existing homes in the Hinchinbrook electorate are extremely affordable and expanding the First Home Owners’ Grant would entice young Queenslanders to relocate or it will encourage locals to enter the property market and purchase their first home.”

“Credit to the Federal Government for including the new Regional Home Guarantee in the Federal Budget, this will support aspiring homebuyers in regional areas.

“It’s now time for the State Labor Government to step up and support regional first home buyers in the forthcoming State Budget to combat Queensland’s rental crisis and homeless issues.

“The First Home Owners’ Grant, as it stands does not offer the same support to prospective home buyers in regional or remote Queensland as it’s extremely expensive to build a new home in these areas and there is an over-supply of vacant homes on the market.”

Mr Dametto has requested a meeting with the Treasurer to discuss including the KAP’s First Home Owners’ Grant proposed amendments in the State Budget 2022-23.

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[1] https://www.nhfic.gov.au/media-resources/media-releases/government-publication-of-federal-budget-2022-23/