You know the drill. You’ve been through the process before, whether it was building or buying established. However, with the new grants in place it can be hard to distinguish what’s available to you now that you’re not a first home buyer.
So here’s a quick recap!
Firstly, because you have bought before you are not eligible for the First Home Owners Grant (FHOG) or the First Home Loan Deposit Scheme (FHLDS).
But you are eligible for the Federal Government’s $25,000 HomeBuilder Grant and the WA Government’s $20,000 Building Bonus Package. This means you’re able to access up to $45,000 to go towards your new build!
The criteria stays the same for first home buyers and subsequent home buyers for these two grants, which you can find below.
This is a new imitative made by the government to encourage more construction jobs with $25,000 cash grants for new homes and renovations. What’s great about this scheme is that it’s not just for first home buyers- previous home owners are eligible!
This scheme is from the Federal Government and was created to boost construction jobs around Australia. That’s why it’s available not just for building new homes, but if you want to renovate as well.
To be eligible for this $25,000, you must be on site within three months of signing your contract. Yep, that’s pretty tight. What this means is that titled land is selling quickly so if you’re thinking about building, get in touch with us today!
• You are an individual (not a company or trust)(Investors and owner builders will also be banned for claiming the grant).
• Aged 18 years or older.
• You are an Australian citizen.
• The construction is for owner occupation purposes only.
• You meet one of the following two income caps:
o $125,000 per annum for an individual applicant based on your 2018-19 tax return or later or
o $200,000 per annum for a couple based on both 2018-19 tax returns or later.
• You enter into a building contract between 4 June 2020 and 31 December 2020 to either:
o Build a new home as a principal place of residence, where the property value does not exceed $750,000; or
o Substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million;
• Construction must commence within three months of the contract date.
The $20,000 Building Bonus Package is a Western Australian grant that was announced by the State Government. Like HomeBuilder, the aim is to encourage more home buyers to build new homes and help the industry.
The criteria for the Building Bonus Package is less restrictive than HomeBuilder. For example, there are no restrictions on income or property value and investors are also entitled to the $20,000 (not just owner occupiers). The timeframe from contract signing to site is six months instead of three, which ensures more blocks are available. Also, you don’t need to be living in WA to access the grant.
Remember, you can claim both the HomeBuilder and Building Bonus Package (yep, $45,000 in benefits)!
• The home must be constructed as a detached residence (e.g. it cannot share wall with any other buildings).
• The land must be vacant.
• You are an Australian citizen or foreign person; owner occupier or investor; natural person, corporation or trustee.
• This grant is available for both first home buyers and subsequent home buyers.
• This grant cannot be used towards renovations.
• You enter into a building contract between 4 June 2020 and 31 December 2020.
• Construction must commence within six months of the contract date.
Want to find out if you’re eligible for the schemes? Tell us a bit about yourself and we’ll get in touch with you.