Voluntary Home Buy-Back

Applications are closed for the Voluntary Home Buy-Back program as all properties have now been identified.

The Voluntary Home Buy-Back program, administered by the Queensland Reconstruction Authority, was considered for homes that were the most severely impacted and at the greatest risk of future flooding.

Properties were identified for buy-back based on:

1. Meeting the Resilient Homes Fund’s four eligibility criteria.
2. The extent of damage – how heavily impacted the property was during the recent flood event(s).
3. The flood risk – what impacts floodwaters have to life, safety, and property and the likely frequency of their occurrence. Properties that are impacted infrequently, or less severely, may be more appropriate for other options such as home raising or retrofit.
4. Socio-economic factors – targeting the more vulnerable areas in our communities.

While the Queensland Government aims to provide assistance to as many homeowners as possible, funding for the Voluntary Home Buy-Back program was limited. It was important to ensure those with the most damage and exposure to flood risk were prioritised for the program.

If your property was identified for the Voluntary Home Buy-Back program, assess the benefits and risks of entering into the program. The program is entirely voluntary. If you decide not to sell your property, you may still be able to apply for funding through the Resilient Retrofit or Home Raise or Demolish, rebuild or relocate programs.

Buy-back process

Valuations

If your property was identified for buy-back, our independent valuers provide you with 2 market valuations. One valuation based on its value before the flood event/s and the other based on its current value.

Costs covered under the Voluntary Home Buy-Back program include costs associated with the sale of the property (e.g. legal costs).

Letter of offer

Once the property valuation is complete, you will receive a letter of offer.

You can choose to:

• accept the offer and proceed to sale
• reject the offer, withdraw from the Voluntary Home Buy-Back program and consider other Resilient Homes Fund options
• reject the offer and arrange your own valuation for consideration.

Arranging your own valuation

You have 30 days to consider the offer or provide an additional valuation.

If you are arranging your own valuation, it must be:

• undertaken by a registered valuer in accordance with the Valuation Guidelines (PDF, 1.1 MB)
• submitted to the Queensland Reconstruction Authority (QRA) for consideration.

If the offer is revised in line with the homeowner’s valuation, reasonable expenses associated with that valuation will be reimbursed to the homeowner.

Before accepting the offer

If you have a mortgage over your property, you should contact your bank or financial institution to advise of your intention to sell.

We recommend that you also:

• engage a financial advisor or speak with your bank about the best way to manage your funds
• use the Queensland Government budget planner to get the most out of your money
• use the Financial Information Service (provided by Services Australia) – this is a free financial advice service.

Other financial considerations

Generally, the sale price will be reduced by any insurance payouts. Before signing a contract of sale, all insurance claims must be finalised.

Contact Centrelink to determine if the sale proceeds will affect any pensions you receive.

Sign the contract

We recommend you engage a licensed conveyancing professional to guide you through the sale process.

As a standard REIQ Contract of Sale will be prepared for your review, you will not need to pay a real estate agent commission when selling your property. If, however, you have already engaged a real estate agent, any outstanding real estate fees will be paid from the settlement proceeds.

Pre-settlement inspection

Vacant possession is required at the time of settlement - that is, no one is living in the home.

Settlement

Generally, settlement occurs 30 business days after the contract is signed. If you need longer, you can discuss your special circumstances around the timing of settlement with your relevant legal/conveyancing representative and local council.

On settlement day, your conveyancing professional will act on your behalf to:

• receive the agreed offer price of the property (minus any costs owing), as agreed in the contract of sale
• transfer the title of the property to the relevant council (the buyer)
• give possession of the property to the buyer.

Reasonable legal/conveyancing costs of sale, that you have paid, will be reimbursed as part of the settlement.

Council takes ownership

Your house and land become the property of the relevant council and the building will be removed/demolished in due course.

The land will be re-zoned for non-liveable use.

Appealing a buy-back decision

The Queensland Reconstruction Authority (QRA), which is responsible for administering the Voluntary Home Buy-Back program, is committed to ensuring you have the option to request an appeal of a decision.

Refer to appeal, complaints and compliments for the step-by-step process to having your decision reviewed.