Are you Eligible for the Regional Home Building Boost Grant?
Are you currently building a new home in regional Queensland? Or are you planning to move into the area anytime soon? If the answer is yes, then this might be GOOD NEWS for you!
The Queensland Government spearheaded an initiative which will grant financial assistance for aspiring homeowners in regional Queensland. The regional home building boost grant aims to help soon-to-be homeowners in making their dream home a reality.
So if you are planning to move to regional Queensland anytime soon, this year might be the best time to do so. You might just be eligible for the financial assistance to build your very own home in the area.
Interested to know more about the grant? Read through this article for further information.
Who is eligible to apply for the Regional Home Building Boost Grant?
According to the official website of the Queensland government, the following qualifications will make a person eligible for the regional home building grant:
- An Australian citizen
- or a resident who holds a permanent visa
- or a citizen of New Zealand who holds a special category visa
- at least 18 years of age
- must be building a new home or buying one in regional Queensland
- the person or his/her spouse have not previously received a regional home building grant
Take note that the spouse as mentioned in the qualifications can be a married partner, a de facto partner who has been living with the person on the domestic basis for 2 years regardless of gender and a registered partner.
What are the conditions of the grant
If you have met the qualifications for eligibility, then you may want to know what conditions are applied in order for you to be further qualified for the grant. Details regarding the conditions will be discussed below.
The value of your home, together with the lot, must be lower than $750,000 in order for the project to be qualified for the grant. Upon completion of the transaction, the recipient must move into the new house and have it as the principal place of residence for at least 6 months.
Three kinds of transactions in acquiring your home in regional Queensland are considered eligible for financial assistance. First, if you are buying a new property including a house, townhouse or apartment unit which has never been occupied or sold for residential purposes in the past or a substantially renovated house anywhere in the area. A substantially renovated house means that the property you are aiming to buy was renovated by the seller in limited circumstances and was not occupied since then.
The second one is when you entered a contract to build a new house in regional Queensland or are planning to enter in one. Lastly, if you are an owner-builder who is either presently building or planning to build a new house in the area. All three transactions must have commenced from 4th of June 2020 until the 31st of December 2020.
What will you get as a recipient
Homeowners who have applied and successfully meet the requirements of the grant will receive $5,000 worth of financial assistance after the completion of house purchase or construction. If you happened to be a first-time homeowner, then you might want to check if you are eligible as well with the First Homeowner Grant which will give out $15,000 for qualified recipients.
If you happened to be eligible for financial help, then we are very happy for you. Send us a message or you may also visit the Queensland Government for more information regarding this matter.