Helpful Hints
Eligible home buyers can now receive up to $55,000 in Government grants.
HomeBuilder Scheme
A Federal Government scheme, HomeBuilder gives home buyers $25,000. Yep, that’s $25k! The purpose of this scheme is to stimulate the construction industry with both new homes and renovations eligible.
Only owner occupiers can access this grant (sorry investors!) but you do not have to be a first home buyer.
This scheme is applicable for building contracts signed between 4 June 2020 and 31 December 2020.
Eligibility
- Australian citizen
- Income threshold for singles: $125,000pa
- Income threshold for couples: $200,000pa
- Total property value under $750,000
- Construction must commence within 3 months
Building Bonus Package
The WA State Government announced a $20,000 Building Bonus Package. Like it’s predecessor, the aim of this WA grant is to help local businesses and trades as more buyers enter the market. Home buyers are able to claim both grants (so you’re $45,000 better off!).
Compared to HomeBuilder, the Building Bonus Package has less restrictions and can help more people. Investors can participate and you don’t need to be living in WA. Plus there’s a 6 month gap between contract signing and getting to site rather than 3 months.
This scheme is applicable for building contracts signed between 4 June 2020 and 31 December 2020.
Eligibility
- Australian citizen
- No income thresholds
- No property value restrictions
- Construction must commence within 6 months