What is Queensland Boost Grant? - explaining NRAS and the Queensland Boost Grant
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Queensland Boost Grant?

FAQ about Queensland Boost Grant?
In this Queensland Boost Grant FAQ or frequently asked questions, we explain the facts and dispel any misunderstandings. More information is available from the government site here. The NRAS program (National Rental Affordability Scheme) is designed to stimulate the building of rental homes in growth areas to satisfy a high demand for reasonably priced rental property by middle income Australian families.
Q: What is the Queensland Building Boost Grant?
A: The Queensland Building Boost Grant is a grant of $10,000 for a person or corporation buying or building a new home in Queensland for a value less than $600,000 (house and land). The grant is to assist housing affordability, increase housing supply and support employment in the housing construction industry in Queensland.
Q: How much is the Building Boost Grant?
A: 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
the amount of the Commonwealth's contribution to a First Home Saver Account used or to be used for the transaction
the total value of any financial incentive for 2011-12 under the National Rental Affordability Scheme for the transaction
any reimbursement of the consideration paid or payable to the applicant such as an insurance payout to build the home
any amount paid or payable under another financial assistance scheme prescribed under a regulation.
However, the amount of the consideration will not be reduced by the amount of any assistance that the Commonwealth or State has given the applicant to mitigate the effects of a natural disaster.
Q: How many times can I obtain the Building Boost Grant?
A: The grant can be obtained for each new home purchased or built where the grant conditions are met.
Q: Who can obtain the Building Boost Grant?
A: The grant is open to home buyers and investors. Corporations and trustees (including superannuation funds) may also apply.
The grant is not payable for a building contract, or to an owner builder, if the applicant carries on the business of building homes and the home was constructed for sale in the course of that business.
Commonwealth, state, territory and local governments, government owned corporations, government agencies, offices, authorities and public authorities are not eligible for the grant.
An individual applicant must be 18 years of age or over and a citizen or permanent resident of Australia.
A corporation must be substantially Australian owned to be eligible. Similarly, if the applicant is a trustee, the trust must be substantially Australian owned.
Establish how it may apply to your personal situation here Queensland Boost Grant
Q: When is the Building Boost Grant payable?
A: The date the grant is paid depends on whether you are building or buying, and if you are applying through an approved lodger or the Office of State Revenue (OSR). Find out how it applies to your situation here Queensland Boost Grant
NRAS - How to find out more

How to find out more...

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