Following the Federal Government’s initial announcement of the $680 million HomeBuilder scheme on 4 June (which we discussed here), the Queensland State Government has recently unveiled a level of stimulus which has not been seen before in the new residential marketplace in North Queensland.
The HomeBuilder and regional home building boost grant (which complement the existing First Home Owners Grant) have been introduced in a bid to overcome the economic downturn the residential construction industry faces as a result of COVID-19. These time-limited schemes can be combined for certain eligible buyers, but none apply for established dwellings or investment properties.
In this update, we set out the criteria and grant offered under three relevant schemes for Queensland home owners – the Federal Government’s HomeBuilder, the State Government’s regional home building boost grant and First Home Owners’ Grant (FHOG).
Regional home building boost grant
Queensland First Home Owners’ Grant
For eligible first home buyers located in Cairns and Townsville, the combined grants offer a head start to the sum of $45,000.
However, there are still some outstanding questions. In Queensland, the Office of State Revenue is the relevant regulatory administrator of the grants. Once State legislation is in place, it will hopefully clear up a few questions that are unanswered, such as:
Authors: Ranjit Singh & Nicola Howell
The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future
Published by Ranjit Singh, Nicola Howell