Key takeaways:
Queensland’s $30,000 First Home Owner Grant is set to expire on June 30, leaving buyers with less than 10 weeks to secure a new build contract
Strong demand and limited supply are making it harder to find eligible properties, under the $750,000 cap
Changes in interest rates can increase repayments and reduce borrowing power, adding pressure at a critical time
Acting early may help, but buyers should balance urgency with making a financially sustainable decision
With less than 10 weeks to go, some first-home buyers are factoring timing into their plans, as experts say it may take time to find an eligible property and complete finance approval.
Queensland’s $30,000 First Home Owner Grant is entering its final stretch, with contracts needing to be signed before June 30, 2026 to qualify, subject to eligibility criteria and scheme rules. For many first-home buyers, the countdown is adding another consideration to an already complex market.
Source: Queensland Revenue Office (QRO)
The First Home Owner Grant can be used alongside Queensland’s Boost to Buy shared equity scheme and other incentives, such as the federal low-deposit schemes, helping eligible buyers stretch their budget further.*
But while the financial boost may be meaningful for some buyers, the practical reality of using it is becoming competitive.
“There’s a real push at the moment,” said Aussie broker Vicki Fraser. “I’ve been saying to people, if you are going to do it, let’s move.
“We can't say what is going to come next. If June 30 passes and you miss it, there will be disappointment.”
Demand rising as options become more limited
The demand is being fueled by a deeper imbalance in the Queensland housing market. According to Cotality head of research Gerard Burg, population growth has far outpaced new housing supply in recent years, particularly in Brisbane.
“Just over a quarter of Australia’s population growth has been in Queensland ... and one of the factors pushing values higher has been the shortage of available stock,” Burg said. “You have a larger pool of buyers competing for a smaller pool of properties.”
That imbalance is most visible at the lower end of the market, where first home buyers typically search. Properties under key price caps are in short supply, prompting more buyers to explore outer suburbs or adjust their budget and lifestyle.
According to Burg, only 29% of suburbs in Brisbane sit under the $1 million mark, suggesting affordable options are becoming more limited.
How first-home buyers are still getting into the property market
The grant’s defining feature is its focus on new home contracts, typically capped at $750,000. In today’s market, finding properties within that range can be more challenging.
According to Cotality’s national home value index, Brisbane’s dwelling prices are at its peak at $1,101,151; a market that has been on an uphill trajectory, unlike neighbouring cities like Sydney and Melbourne.
“A lot of first home buyers would love to jump on it, except there are limited properties that fit within it,” said Aussie broker Peter Corta. “They have to go further out of town, often more than an hour from Brisbane, or cut back on things like landscaping just to stay under the cap.”
Still, for those who can make it work, the savings are meaningful. Queensland buyer Dylan Williams-Ford and best mate, Tariq Purcell, recently purchased a new build just under the $750,000 in Narangba, about 34 kilometres north of Brisbane CBD.
Photo: Supplied. First-home buyers and best mates, Dylan and Tariq, and their newly-built property in Queensland.
The friends, who met working at McDonalds more than six years ago, had similar goals when it came to property. Purchasing together was “a no-brainer".
“When we originally told people, they were a bit skeptical, as anyone would be,” Williams-Ford said. “But it’s all about understanding ... We spoke about it (buying property) for a bit and then when we started looking a bit more, we realised it can become a reality.”
The two managed to save 10% of the purchase price, were eligible for the Queensland First Home Owner Grant, stamp duty waiver, and the 5% deposit scheme.
"We were struggling to find something under that $750,000 mark,” Williams-Ford added. “But luckily we did find something under that ... and got all the grants associated with it.
“It made a big impact.”
What experts say about planning a first-home purchase
The approaching deadline is creating a sense of urgency among buyers, but experts warn against rushing into a decision purely to secure the grant.
“There are a lot of forces coming from all directions,” Fraser said. “You have rising house prices, increasing interest rates, and a grant that is about to end. But just because you can buy does not mean you should.”
Interest rates remain a key concern. Each increase may not only raise repayments but can also reduce borrowing capacity, making it challenging for potential buyers.
Burg said further rate rises are still a possibility, which could add to the pressure.
“[It] reduces borrowing capacity ... and shrinks the capacity of first-home buyers trying to get into the market.”
What this means for you
If you’re considering the grant, it may help to start early, so you have time to confirm eligibility, find an eligible property, and allow for finance and conveyancing timeframes.
The biggest hurdle remains finding a suitable property that meets the eligibility criteria. For many, that means looking at house-and-land packages or apartments in outer Brisbane growth corridors, where prices are more likely to fall within the cap.
At the same time, buyers need to weigh the trade-offs. Moving further from the city, scaling back on inclusions, or stretching finances can all have long-term implications.
The key takeaway is simple: the opportunity is real, and so are the constraints.
For those ready to move, the next few weeks could be the difference between securing a $30,000 boost or missing out. But in a market defined by tight supply and rising costs, making the right decision may matter even more than making a fast one.
What to watch out for before relying on the grant
While a grant can help, it’s important to check the fine print and your budget before making decisions. For example:
Eligibility and property rules can be strict (e.g., new homes only, value caps and occupancy requirements may apply).
Contract timing matters and finance approval isn’t guaranteed.
Build timelines and variation costs can change the final price and may affect eligibility.
Interest rates and repayments can change, which can affect borrowing power and affordability.
