Interested in building a new home but not sure if you have a big enough deposit? Don’t worry, help is available through several Government Grants which may apply to your circumstance!
There are lots of Government Grants to help you build your new home with a smaller deposit. Some of these financial grants have been around for ages like the First Home Owners Grant. But some have been launched to help the current market like the Family Home Guarantee.
Check out the below info about the grants that are available for home buyers. If you have any questions, fill out the form at the bottom of the page and we can answer any questions you have about your circumstances.
Launched back in 2000, the First Home Owner Grant is still going strong! It allows first home buyers to receive a one-off payment of $10,000, although it has been temporarily increased in previous years.
Keep in mind that only one grant is given per eligible transaction. That means that if two people are buying a house together, they only receive one $10,000 grant which will be given directly to the home lender, bank or mortgage broker to help facilitate your finances and get the build going or the sale in progress.
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•Must be an Australian Citizen or permanent resident.
•At least 18 years of age.
•Have to be a first home buyer who has not previously owned or had interest in a property in Australia either separately or jointly.
•Must intend to be owner occupiers of the property for at least 6 months.
•Couples are only eligible if they are married or in a de-facto relationship with each other.
Find out more about available grants and schemes to help first home buyers get into their new homes.
Did you know that one advantage of building a new home over buying an established one is that you can get moving with a smaller deposit? In fact, there are many schemes that allow you to purchase a home with less than a 20% deposit.
The First Home Guarantee Scheme was originally launched as the First Home Loan Deposit Scheme. While the name has changed, it still allows first home buyers to purchase a home with just a 5% deposit. As of 2022, the First Home Guarantee Scheme has been expanded to 35,000 guarantees per year, allowing you more chances of getting a grant for your new home
The Family Home Guarantee is often referred to as the Single Parent Scheme. This is because it allows single parents to purchase a home with a 2% deposit. And even better is that if you’re not a first home buyer, you might still be eligible so long as you are a single parent with dependents or children, living together under one roof!
Keystart is unique to Western Australia. Their loans have lower entry costs and no Lenders Mortgage Insurance, allowing people to purchase a home with a 2% deposit. While this scheme was a Government initiative, Keystart is now a private organisation run by its own independent team.
Find out more about a range of grants and schemes to help get you moving into your new home.
2020 was an extraordinary year for many reasons! To help home buyers and the construction industry, two new government grants were made available for eligible home buyers. Yep, you could get $25,000 with the HomeBuilder Scheme, $20,000 with the Building Bonus Package, and $10,000 with the existing First Home Owners Grant!
While the first two grants are no longer available, the continuation of the First Home Owners Grant is an opportunity for more families to build their dream homes.
First home buyers in WA may be eligible for a $10,000 First Home Owners Grant (FHOG). On the other hand, the Family Home Guarantee for single parents allows you to move in with only a 2% deposit. Get in touch with our finance team to find out if you qualify for any of these Government Grants for new homes in Perth.
Salary thresholds differ depending on whether you’re applying as a single or a couple. Salary thresholds for singles are up to $125,000 or less in the last financial year. A couple’s combined income must be less than $200,000 in the last financial year.
First home buyers claiming the First Home Owners Grant may be eligible for concessional stamp duty if their property cost is below a certain threshold.
The FHOG allows first home buyers to receive a one-off payment of $10,000. However, only one grant is given per eligible transaction. Meaning if two people are buying a house together, they only receive one grant.
To be eligible for FHOG you must be over 18, a citizen or resident, a first home buyer and you must intend to occupy the property for at least six months.
Everyone whose name is on or will be on the certificate of title for the property must be an applicant for the grant. Move Homes as your builder cannot apply for it (and neither can your mortgage broker or bank).
Want to find out if you’re eligible for these financial schemes to purchase your new home or start the building of your first house? Tell us a bit about yourself through the form below or call us on (08) 9249 4455 and we’ll get in touch with you.
Over the last 50 years we have proudly built over 20,000 homes for Australian families. We have the same values today as we did in 1969 when we built our first home in Light Street Dianella.
