Is now the best time for me to build my first home?

If you have a secure income and sufficient deposit saved, now is the time to be a first home buyer.

There is a $10,000 First Home Owner Grant, $25,000 HomeBuilder grant and a $20,000 state grant available to those eligible first timers building/buying a new home.

What is the HomeBuilder Grant?

It is a grant to help Australian’s to build a new home or to renovate their existing home.

How much will I get?

You will get $25,000.

To be eligible for the HomeBuilder Scheme as a new home buyer, your income needs to fall into these three categories:

Couples: a combined income of less than $200,000 per year

Singles: an income of less than $125,000 per year

You must also be building a new home worth less than $750,000 that you will reside in, and your contract to build must be in place before December 31, 2020.

What is the Building Bonus Grant?

The Building Bonus is a WA government stimulus grant. This is available to both owner occupiers and investors who enter in a contract to build a new home in WA before the end of 2020.

How much will I get?

Eligible first home builders in WA will get $20,000 under the Building Bonus scheme.
Anyone who signs a contract to build a new home in WA or to buy one that is currently being built before December 31, 2020 is eligible for the WA Building Bonus scheme. This includes both local and foreign buyers.

What is the FHOG?

The First Home Owners Grant (also known as FHOG or the First Home Buyers Grant) is a one-off WA government payment for first-time owner-occupiers to purchase a brand new home.
The first home buyers grant in WA in 2020 is $10,000.

Stamp duty concession

In addition to this one-off $10,000 payment, first home buyers don’t have to pay stamp duty on properties valued at less than $430,000. You are also eligible for a cheaper rate of stamp duty if you buy a property between $430,000 and $530,000.

Written by Kym Norrisin Informative