Following the actions of New South Wales, Queensland will also double the grant for new first home buyers, to $15,000.
The state budget changes, outlining that the grant would be pushed up from $7,000 in addition to the transfer duty concession already in place, will apply for buyers looking to purchase a newly built property or a home off the plan.
This First Home Owner Construction Grant should entice more people into the market and make home ownership affordable, said premier Campbell Newman.
"We want to see more Queenslanders buying their first home and this grant will certainly give home buyers a great head start," Mr Newman said.
This should also provide a boost to the construction sector, said treasurer Tim Nicholls.
"The property and construct ion sector is one of the four pillars of the Queensland economy, and one the Newman Government is supporting through real and direct action," Mr Nicholls said.
"The First Home Owner Construction Grant is another component of our positive plan for this vital sector,” he said.
Mr Newman said the Government had responded to industry concerns in making changes to the original First Home Owner Grant.
"The Master Builders Association has lobbied on behalf of the sector for changes to the grant and the Government has responded in a constructive way," he said.
"The Government's First Home Owner Construction Grant will help more Queenslanders buy their first home and provide a much needed lift to Queensland's property and construction industry."
Master Builders’ executive director, Graham Cuthbert, welcomed the response from the Government in relation to their pre-budget submission.
“One of the biggest challenges faced by the residential building industry is low consumer confidence and we believe the new look grant will offer first home owners a very real incentive to build a new home and address the rising cost divide between new and established housing,” said Mr Cuthbert.
“In addition to the First Home Owners Grant measures, we’ve also called on the government to consider a strong capital works program and a review of existing property holdings and commercial business units.”
This boost will be available from 12 September 2012 onwards.
“We are also pleased that this is a long-term measure that will commence immediately. Unlike the Building Boost Grant, the new First Home Owners Construction Grant commences [immediately] ensuring there is no short-term drop off in demand while those interested in building wait for the grant to be available,” Mr Cuthbert said.
Your enquiry has been sent to a local Aussie Mortgage Broker.
We will be in contact with you shortly.
- Give expert mortgage advice to help you find great investment loan deals
- Help you maximise return by lowering financing costs
- Save you time and effort by helping with the paperwork