QLD Government Building Boost
In the Queensland State Budget the government announced changes to Stamp Duty and also a new grant to stimulate the building industry in Queensland.
What is the Queensland Building Boost Grant?
The Queensland Building Boost Grant is a grant of $10,000 for a person, corporation or trustee (including superannuation funds) buying or building a new home in Queensland for a value less than $600,000 (house and land).
What types of homes qualify?
New house builds, house and land packages, units, duplexes, townhouses and other detached dwellings (e.g. granny flats and manufactured homes) are eligible. Off-the-plan purchases are included.
What is a 'new' home?
A new home is a home that has not been previously occupied or sold as a place of residence.
Who can obtain the Building Boost?
The applicant must be 18 years of age or over and be a citizen or permanent resident of Australia. Company or trust applicants must be substantially Australian owned to be eligible. Builders and developers are not eligible in most cases.
Can I obtain the Building Boost more than once?
Yes. The Building Boost can be obtained for each new home purchased or built where eligibility requirements are met. Applications for five or more grants will be reviewed to ensure consistency with the grant policy objectives.
How long is the Building Boost available for?
The Building Boost runs from 1 August 2011 to 31 January 2012. The contract to buy or build a new home must be entered into between those dates. Contracts between those dates which replace earlier contracts or result from options may not be eligible.
Are there construction time limits?
Yes. Homes constructed under building contracts must begin construction within 26 weeks of the contract date and be completed within 18 months. If you are buying off the plan, the building work must start on or before the 31 January 2013 and be completed on or before 31 January 2015.
Are there occupancy requirements?
Yes, the home must be occupied for at least three months in the first year of you owning the home. However you can use the home as an investment property, for example it can be rented by a tenant or occupied by a family member.
How do I apply for the Building Boost?
Applications or notices of intention to apply must be lodged by 31 May 2012.
August 1st 2011 is the official start for the Building Boost Grant.
We have attached several links to assist you;
Firstly the Building Boost Guide:
http://boost.treasury.qld.gov.au/docs/boost-guide.pdf
Secondly the Application Form:
http://boost.treasury.qld.gov.au/docs/boost-form.pdf
Thirdly the Eligibility Tester: http://boost.treasury.qld.gov.au/investor/eligibility-tester.php
Fourthly the Transfer Duty & Grants Calculator: http://boost.treasury.qld.gov.au/investor/calculator.php
Lastly the Frequently asked Questions: http://boost.treasury.qld.gov.au/investor/faqs.php
If you have any questions regarding the Grant or what your borrowing capacity is - please email us at info@northbrisbanehomeloans.com.au or give us a call on 07 3889 9719
