Rush for $10,000 home grant in Far North
FAR Northerners have rushed to take advantage of the State Government's $10,000 Home Building Boost grant, resulting in a spike in home loan applications.
Suncorp Bank reports its figures show an up to 30 per cent increase in loan applications in the region, about 10 per cent more than the state average, since the grants came into force on Monday.
The bank’s north Queensland regional manager Brad Steele said his branches were reporting an increase of between 25 and 30 per cent in loan applications.
"We have never been busier on the home front," he said.
Mr Steele said first homebuyers were able to claim a $7000 grant plus the $10,000 boost.
He said people whose homes were wrecked by cyclone Yasi also were eligible for the $10,000.
"One well-known builder in Cairns is reporting very strong demand coming through as well," Mr Steele said.
"There’s a fair bit of work coming and things are certainly looking up."
Mr Steele said, not only was the grant money a boost for those affected by the floods or cyclone Yasi, it was also welcome news for first homebuyers and families who had struggled with housing affordability in recent years.
ECU Australia’s chief executive officer Brett Myles said his credit union branches had seen an increase in home loan inquiries since the boost started.
"The response to date would indicate the building boost grant is a positive initiative which should stimulate demand for construction home loans," he said.
"When you combine the $10,000 building boost with the $7000 first home owners grant, home ownership becomes much more affordable."
Housing Industry Association Cairns branch manager Peter Collins said it was still too early to see the flow-on effects coming through to the building trade.
He said many people had been waiting for August 1 to make their move and he looked forward to analysing the figures at the end of the month.
David Cotton, principal of Raine & Horne Port Douglas said" People have come out of the wood work to purchase land in their premier land sub-division of Mossman. In the past week our agency has sold over 7 blocks of land."
No matter what parcel of land you purchase you will have spectacular mountain views overlooking the Mossman Gorge and the southern end of the Daintree National Park.
This residential sub-division has all amenities available to each property. The streets are tree lined and have underground power. The Mossman Hospital is across the road from the enterance to the estate and the main street of Mossman is only a short walk away. Enviornmental incentatives are available to the next few purchasers. Contact the team at Raine & Horne Mossman/Port Douglas.