Queensland building boost grant of $10,000 has been extended until the end of April. April is coming so soon and the chances of new homeowners to receive the grant are ending. For residents who want to purchase or build a new home and want to take part in this grant, it’s time to hurry up and take advantage of this.

The Building Boost Grant was to last from August 1, 2011 to January 31, 2012. The three month extension will continue to support jobs in the construction industry. This extension will help any interested applicants gain building grants for their new homes by allowing more time to finalise contracts and other purchase requirements.

What is the Building Boost Grant?

The building boost grant was introduced by the Queensland Government to aid home buyers in purchasing or putting up a new home with a $10,000 extension. The aim of this $140 million project is to lift up the building industry. This also aims to support struggling home buyers to acquire new residences.

Property or housing affordability has been a problem of most Australians. With the Financial crisis creating fear on prospect property buyers and struggling homeowners plus the natural calamities that affected the residents of Queensland, the impact it made to people to make ends meet has affected the rise on the property market and building industry.

It is a grant available to homebuyers or investors that are over 18 years of age. Applicants must secure a contract to purchase or build a townhouse, an apartment, a new house, or a property for the purpose of investment or residence. The property must be purchased by the end of the building boost grant period and the property should not be more than $600,000.

This is viewed to increase the interest of people on the property market, the transfer of properties and push the property industry to rise. At the same time, this will encourage construction jobs to lift up the besieged construction sector. This will also rouse Queensland’s economy by offering more jobs through construction and enhanced interest in the property market.

How to use the building boost grant?

The $10,000 building boost grant can be used in a number of ways.

• To use for the purchase or building of a new residence.
• To use to acquire a property for rental.
• To use each grant to purchase more than one eligible investment property.

Just as long the eligibility qualification is met and applies before the grant schedule ends anybody can receive the grant and help the building of a new home. Interested applicants must submit their application before the end of the grant duration or if applicants want their application to be considered after the grant period, they should submit their intention to apply.

Goals and other Important Facets

This grant is designed to stimulate the QLD Building Industry and the results at the end of this incentive will be assessed to see what impact this cash splash has had on the results.

This is not a permanent solution and will only last until April 30, 2012. Interested applicants should hurry and apply for the grant soon. For first time homebuyers, they can receive up to as much as $17,000 grant for a new home. A $7,000 First Home Buyer Grant will be placed on top of the $10,000 Building Boost Grant.

This is available to homebuyers, investors and even corporations who enter into a contract to purchase or build a new home for residential or investment purposes.

New homes are considered to be “new” when:

• They are not previously occupied or sold as residence.
• The house, townhouse or apartment has been largely renovated while none of the previous residents were living in it during the renovation.

Once contract is secured, the construction of the building must start within 26 weeks of the date of the contract and must complete within 18 months from the construction date. An applicant can apply for multiple grants as long as there are separate contracts for each and the eligibility requirements are reached.

Owners do not need to live within the property but the new house should be occupied in the first three months after completion in the first year of ownership. Thus, if the owner doesn’t want to live in the newly purchased or built home, this property can be rented out to tenants in order to meet the occupancy requirement of the contract.

Queensland’s Building Boost Grant gives chance to interested but struggling homeowners to own new homes and for investors to take advantage in the real estate property market. If you are any of these and want to take advantage of the benefits, then don’t wait for April 30, 2012 to file your application.