Browse Forums Building A New House Re: $10,000 QLD building boost grant 2Jun 15, 2011 12:15 am As usual the government terminology is vague and open to interpretation. The eligibility calculator on the state budget website uses the word "property" but I have been unable to find an official definition of what that means. However in the media release, Bligh states, "for all Queenslanders constructing or purchasing a new home up to the value of $600,000". From the OSR website the definition of "Home" is "A home is a building, fixed to land, that may lawfully be used as a place of residence, and is suitable as a place of residence." Again this definition is ambiguous as it is not clear whether the building alone is the home when fixed to land (i.e. not a transportable), or if the building and the land combined constitute the home. However, in the first home owners grant section also in the OSR website you can find this regarding the eligibilty caps: "Building a home (building contract) - Is the consideration for the building contract plus the unencumbered value of the land $1M or more?" So based on the above, I would expect that the $600K would include land, although legislators are not exactly known for their consistency. Re: $10,000 QLD building boost grant 3Jul 01, 2011 11:07 pm I looked at the website and ended up phoning the 1300 number today. They said that the current value of land + contract value of house has to total less than $600K to qualify. They also said that the legislation was yet to pass through parliament, but maybe that's a formality? Mick. Re: $10,000 QLD building boost grant 4Aug 01, 2011 11:43 am Hey, I know a lot of people are confused about this government grant. The price of the land at the time the contract to build was made plus the cost of building is how you calculate the total cost of your property. If you need any more clarification or help applying visit www.queenslandbuildingboost.com.au. We are here to basically provide assistance and help everyone understand what the boost is all about. Re: $10,000 QLD building boost grant 5Dec 08, 2011 1:58 am I was reading the FAQ (Frequently Asked Questions) page on the Boost website and was very confused by the following wording: From: http://boost.treasury.qld.gov.au/investor/faqs.php Quote: How much is the Building Boost Grant? The amount of the grant is the lesser of the consideration for the transaction or $10,000. For working out the amount of the consideration, the amount must be reduced for any of the following that the applicant for the grant has received or is entitled to receive: • any First Home Owner Grant payable for the home • ... I cannot work out what is meant by this. Furthermore, what is meant by the "consideration for the transaction" Let me turn it around and put it this way: We are awaiting settlement on land (Council is nearly finished with subdivision and registration of plans) and then we'll build a new home (about to sign the contract in a few weeks). Both the land and home will be financed (not sure if that has any impact on the QLD Building Boost). This is our first home and will apply for the FHOG (not sure how this affects things either considering the above). My understanding is that we need the value of the land (at the time of signing the building contract) + the value of the contract to be less than $600,000. Does the $7000 FHOG get subtracted from the out total cost (land+building contract) in terms of the first bullet? We are getting closer to that limit and I'm trying to understand exactly what amounts are at play when. To compound my confusion is the building contract obviously won't include the turf for landscaping or the blinds for the interior windows for example. Are these then excluded from the value of the home? What about fencing or improvements made in say 6 months or a years time (like adding a pool or building a deck)? I hope someone can help me out on this. Thanks for reading, Jaans Re: $10,000 QLD building boost grant 6Dec 08, 2011 12:23 pm Well I hope not, when I got Pre-approval my Loan Manager never said anything about this, he only said the BB Grant is paid on completion where as the FHOG is paid on first progress. How can they advertise you can be eligible for 17,000, if you qualify for the FHOG the total will only be 10,000. Here are the terms used on consideration, bottom of 5th page, http://boost.treasury.qld.gov.au/docs/boost-guide.pdf Consideration means: a. for an eligible home purchase contract – the consideration for the purchase to which the contract relates; or b. for an eligible home building contract – the total consideration payable for the building work to which the contract relates; or c. for an eligible owner-builder arrangement– the actual costs to the owner-builder of carrying out the work, relating to the arrangement, excluding any allowance for the owner builder’s own labour. Note: in determining the amount of the BBG, the consideration for the transaction must be reduced by the following amounts of financial assistance the applicant has received, or is entitled to receive: a. a grant under the FHOG Act 2000 b. a Commonwealth Government First Home Saver Account contribution c. a financial incentive under the National Rental Affordability Scheme (NRAS) d. an amount relating to the consideration for the transaction, including,for example, an insurance payment to build the home e. an amount paid or payable under another financial assistance scheme prescribed under a regulation. Note: An amount received from the Commonwealth or State by the applicant to mitigate the effects of a natural disaster must not be taken into account in determining the amount of the consideration for the transaction. Re: $10,000 QLD building boost grant 7Dec 10, 2011 10:46 pm Just to follow up on this I have found the advertisement FWIW http://boost.treasury.qld.gov.au/docs/f ... -sheet.pdf Re: $10,000 QLD building boost grant 8Dec 14, 2011 12:46 pm Onebuild Well I hope not, when I got Pre-approval my Loan Manager never said anything about this, he only said the BB Grant is paid on completion where as the FHOG is paid on first progress. How can they advertise you can be eligible for 17,000, if you qualify for the FHOG the total will only be 10,000. Here are the terms used on consideration, bottom of 5th page, http://boost.treasury.qld.gov.au/docs/boost-guide.pdf Consideration means: a. for an eligible home purchase contract – the consideration for the purchase to which the contract relates; or b. for an eligible home building contract – the total consideration payable for the building work to which the contract relates; or c. for an eligible owner-builder arrangement– the actual costs to the owner-builder of carrying out the work, relating to the arrangement, excluding any allowance for the owner builder’s own labour. Note: in determining the amount of the BBG, the consideration for the transaction must be reduced by the following amounts of financial assistance the applicant has received, or is entitled to receive: a. a grant under the FHOG Act 2000 b. a Commonwealth Government First Home Saver Account contribution c. a financial incentive under the National Rental Affordability Scheme (NRAS) d. an amount relating to the consideration for the transaction, including,for example, an insurance payment to build the home e. an amount paid or payable under another financial assistance scheme prescribed under a regulation. Note: An amount received from the Commonwealth or State by the applicant to mitigate the effects of a natural disaster must not be taken into account in determining the amount of the consideration for the transaction. Thanks Onebuild I have a slightly different interpretation of it: Quote: Note: in determining the amount of the BBG, the consideration for the transaction must be reduced by the following amounts of financial assistance the applicant has received, or is entitled to receive: a. a grant under the FHOG Act 2000 b. a Commonwealth Government First Home Saver Account contribution c. a financial incentive under the National Rental Affordability Scheme (NRAS) d. an amount relating to the consideration for the transaction, including,for example, an insurance payment to build the home e. an amount paid or payable under another financial assistance scheme prescribed under a regulation. To me that means something like this: Lets say you have a block of land you purchased and you have a building contract you signed and you are also applying for the FHOG. Assume for argument sake that the land is valued at $300K and the building contract is $305K. Then if the total amount is $605K and according to the above (point a) you can subtract the $7K FHOG from the $605K = $598K not so? Furthermore, if you are paying LMI (Lenders Mortgage Insurance) you could subtract it from the $598K also (point d above)? So would it then be this final amount which is deemed as the "consideration" (as per their definition) which should to be less than the $600k to be eligible? Disclaimer: These are my interpretations and misunderstanding and therefore do not make legal or financial decisions based thereupon. I will not held liable. Re: $10,000 QLD building boost grant 9Dec 15, 2011 11:50 am Jaans Then if the total amount is $605K and according to the above (point a) you can subtract the $7K FHOG from the $605K = $595K not so? $598 Furthermore, if you are paying LMI (Lenders Mortgage Insurance) you could subtract it from the $595K also (point d above)? So would it then be this final amount which is deemed as the "consideration" (as per their definition) which should to be less than the $600k to be eligible? yes I would have to agree but to be certain you could call OSR to confirm Disclaimer: These are my interpretations and misunderstanding and therefore do not make legal or financial decisions based thereupon. I will not held liable. That sucks! Hope it all works out. Good to move away from steel anyway for all your reasons, but it's also thermally poor. 16 17880 As is per usual for many of the past failed RWH regulations, it is probably traceable to a bureaucrat who's ego overrode the need to seek the appropriate expert… 1 1018 Hi, I contracted a Builder to do a Garage to Bedroom + ensuite conversion (Class 1a), the Builder engaged the Certifier and Engineer and received BDA from the Certifier… 0 5032 |