To support homeowners and the construction industry, the Federal Government recently announced the homebuilder grant of $25,000 to build a new home or renovate an existing home. What you may not be aware of is the regional home building boost grant that the Queensland Government has announced.
The regional home building boost grant is a one-off payment of $5000 that will be provided to use towards the purchase or construction of a brand-new house, townhouse, or unit. The new home must be valued at less than $750,000 and the eligible transaction must be completed between 16 June 2020 and 31 December 2020.
Eligible transactions include the following:
- A contract to purchase a new home (including a substantially renovated home)
- A contract to build a new home
- The building of a new home by an owner-builder
For the new construction to be eligible for the regional building boost grant applicants must meet the following criteria:
- At least 18 years of age
- An Australian citizen or permanent resident
- Must not have previously received a regional home building boost grant
- Must be purchasing or building a brand-new home
- Value of the home including the land is less than $750,000
- Within 1 year of completion you must live in the home as your principal place of residence for at least 6 months
If this is your first home, you may also be eligible for the Queensland First Homeowner Grant. If you have been thinking about purchasing or constructing a brand-new home, it is worth looking into what is on offer. Application forms and details on how to apply will be available by the end of June.
All this information and more is available on the Queensland Government website at www.qld.gov.au