State Budget 2011 – New $10,000 Building Boost & Transfer Duty Rates
Bligh’s $140 million Building Boost to stimulate housing sector
Premier Anna Bligh and Treasurer Andrew Fraser have announced major reforms to the state’s housing sector to boost construction jobs and make new housing more affordable.
The Queensland Building Boost is a six month, $140 million initiative that will provide a $10,000 grant for all Queenslanders constructing or purchasing a new home up to the value of $600,000, with first home buyers also eligible for the $7,000 first home buyer’s grant.
“The Queensland Building Boost will be available for six months from 1 August. I would urge anyone looking to build or purchase a new home, particularly first home buyers, to get in quick and make the most of this opportunity.” Said The Premier.
Changes to Stamp Duty - Get in Quick
- Hurry home buyers- No home concession from 31 JULY 2011.
- First Home Concession will still apply but at different rates.
- First Home Owners Grant of $7,000.00 still available
- Changes to stamp duty from 1 AUGUST 2011.
Building Boost Grant of $10,000.00 available to any person or corporation buying or building a new home for less than $600,000 to live in, or to rent out for investment purposes.
Available only from 1 August 2011 to 31 January 2012.
This is good news for first home owners who are looking to buy or build a new home to live in as they may be eligible for a bonus of $17,000.00 – the First Home Owners Grant and the Building Boost Grant.
This is also good news for property investors as a corporation may apply for the building boost grant as well as individuals.
The rates for transfer duty will change from 1 August 2011. The amount of stamp duty payable for properties with a purchase price of less than $550,000.00 will generally be lower to take into account the removal of the home concession rate.
The First Home Concession rates will also change from 1 August 2011 and will increase to offset the removal of the Home Concession rate.
For more information on the Building Boost grants or transfer duty reforms visit www.budget.qld.gov.au/taxreform.