QLD Building Boost

Have you heard of the Queensland Building Boost grant? It's definitely something that you should know about if you're interested in purchasing property in Queensland, Australia. Here are some Frequently Asked Questions (FAQs) about the Qld Building Boost:

What is it?

For those Australian residents interested in property packages, the Queensland Building Boost is definitely a viable option. It's a grant that any person, business, or trust trustee can avail, between the dates of August 1, 2011 and January 31, 2012. More specifically, you must secure a contract to buy or build a new property by January 31, 2012. The standard amount of the grant is $10,000, and qualifying parties are those that are purchasing a new house, apartment, townhouse, or property whose value is $600,000 or less.

What is the function of the Queensland Building Boost?

As with other construction grants and property packages, it’s crucial to understand not only how they work, but also why they exist. The main function of the Queensland Building Boost is to encourage Australians to buy new residences and properties, thus providing (by definition) a "boost" to the region's building sector. Due to factors such as the recent global economic downturn and the region's recent natural disasters, more Queensland real estate owners than usual have chosen not to relocate. The grant benefits both previous and first-time owners of residences and properties.

What are the goals of the Building Boost?

There are two main goals of the Qld Building Boost. One of them is to stimulate the Queensland economy. A balanced approach involves considering both of the components of the Supply and Demand schema. New construction only provides a balanced benefit to an economy if there are buyers for the structures. The second goal of the Building Boost is to create jobs for Queenslanders. Ultimately, substantial job creation is one of the key indicators that a particular economy is recovering.

What are the requirements?

As with other property packages, it’s crucial to know whether or not you'll qualify for the Queensland Building Boost. Before submitting a formal application, you can determine whether or not you meet the various requirements for the grant. Here are some of the key ones:

• Apply no later than May 31, 2012
• Complete the official application form
• Supply all of the supporting documents required

What is the amount of the grant?

The standard amount of the Qld Building Boost is $10,000. However, there are some exceptions to the rule. When the grant is being considered for valid transactions that are below $10,000, the grant's amount will equal the particular consideration. Considerations that can result in a reduction of the grant include:

• A First Home Saver Account contribution
• A First Home Owner grant
• An insurance payment
• An amount that qualifies for the National Rental Affordability Scheme

What are the critical dates of the grant?

As when applying for other property packages you should know the important dates related to the Queensland Building Boost Grant. The duration of the grant will last from August 1, 2011 until January 31, 2012. Any contract to build or buy a new Queensland property must be submitted between those two dates. Meanwhile, the deadline for applying for the Queensland Building Boost Grant is May 31, 2012. To have your application considered after that date, you must submit a notice that indicates your intention to apply, by that same date. The payment date of the grant depends on whether you are buying or building a new home. It's important to visit the Queensland government's official website for the grant, to learn about when the payment would be for your particular scenario.

Who is eligible for the grant?

This is yet another pertinent issue if you're interested in applying for the Qld Building Boost grant. Home buyers, real estate investors, trustees, and corporations are all eligible to apply for the Queensland Building Boost. Regarding the eligibility of corporations, they must qualify as being primarily Australian. In other words, at least 75% of the corporation's shares must be owned by an Australian permanent resident or citizen, or listed on the Australian Stock Exchange (ASX).

Regarding the valid residency status and age of valid applicants, they must be a permanent resident or citizen of Australia, and be 18 years old or older.

It's also important to note who's not eligible to apply for the grant. That includes territory, local, state and commonwealth governments; and government offices, agencies, and authorities.

What is a "new" home?

In understanding the mechanics of the Qld Building Boost, it's important to define what a new property, apartment, or townhouse is. There are two situations that allow such properties or structures to be deemed as "new," and thus eligible for the Building Boost. They must have not been occupied or sold as a residence. If the apartment or townhouse has been renovated while none of the previous residents were living in the structure, then it also qualifies as "new."

Do replacement options and contracts qualify for the grant?

They don't. The Queensland Building Boost Grant only applies to legally-binding contracts to buy or construct a new home, which became valid on August 1, 2011 or afterwards. How about valid and official preliminary agreements? They allow preparatory work to be conducted before a comprehensive contract is created by the parties involved. If you have signed such an agreement before August 1, 2011, you would still be capable of making a comprehensive contract (of the Home Building nature) on or after that date, and thus be eligible for the Queensland Building Boost Grant.

Can the grant be purchased for the same residence or property multiple times?

This is certainly a valid question for all property packages. In short, the answer is: no. More specifically, only one grant can be issued for one new home or one land title.