The Government is introducing changes to transfer duty to stimulate the new house market and building industry.

Assisting Home Owners

The Government has a record of introducing measures to make housing affordable to increase supply to make how ownership possible. These measures have included abolishing mortgage duty and stamp duty for all first home buyers purchasing a home under $500,000. Following the global financial crises, it has been a tough period for the housing market. The housing sector is also a significant generator of jobs and Queensland needs more houses being built for the future.

Queensland Building Boost

To help assist housing affordability, supply and construction job, the Government is delivering a $140million stimulus for the housing industry.

For six months from 1 August this year (2011) any Queensland buying a newly constructed home or signing a contract to build a new how will get a $10,000 grant from the state government for properties valued up to $600,000.

For First Home Buyers this will mean they will pay zero stamp duty for properties under $500,000, zero mortgage duty and receive a full $17,000 with the $10,000 boost.

The grant will be available to people building a house, buying a house and land package or buying apartments or townhouses off the plan.

To be eligible for the grant, the contract must be made between the 1 August 2011 and 31^st January 2012. For contracts to build residence, building must start within 26 weeks of the contract being signed with the contract specifying a completion date within 18 months.