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 $15,000 HomeBuilder Grant!
The criteria stays the same for first home buyers and subsequent home buyers for the grant, which you can find below.
This initiative was announced by the government back in June 2020 when the offer was for $25,000 (sorry guys- it’s now $15,000 for contracts signed in 2021). 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 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 $15,000, you must be on site within six months of signing your contract. 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 (so you earn below the threshold):
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 1 January 2021 and 31 March 2021 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 six 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.
Unfortunately, this grant is no longer applicable as building contracts needed to be signed before 31 December 2020.