Government building grants

Stop. The. Press. Did you know that you could receive up to $55,000 towards your new home? Or up to $25,000 renovations? Well you can!

The HomeBuilder and Building Bonus grants recently launched by the Federal & State Governments offer the chance to receive considerable contributions towards building or renovating homes in WA.

The incentives are designed to stimulate the construction industry and increase jobs across the state, and country, after the impact of Coronavirus.

So, if you've been thinking of building or renovating - this is a game changer for South West real estate! Here's what you need to know....

HomeBuilder

HomeBuilder is a Federal government initiative offering a $25K grant to either substantially renovate or build a new home. To get this grant you need to meet the following criteria:

• It must be your primary place of residence (not an investment property)
• Only natural persons can be on the contract (you can't sign the contract as a company or as part of a Trust)
• You must be an Australian Citizen who is over 18 years old
• You must have earned less than these thresholds during the 18/19 tax year:
  • $125,000 for a single person
  • $200,000 for a couple
• You must sign a contract with a registered builder between 4 June and 31 December 2020
• Construction must commence within 3 months from the contract being signed

In addition to the above, for new homes the total value must be less than $750,000 to qualify.

For renovations:

• The total contract value must be between $150,000 and $750,000
• The value of the existing property must not be more than $1.5 million

Building Bonus

The WA Building Bonus is a $20,000 grant to all new home builds in the state. Just when you thought it couldn't get any better, the Building Bonus is available to:

• Investors & owner occupiers (including first home buyers)
• Those who sign a contract to build a home on a vacant block between 4 June and 31 December 2020
• Who commence within 6 months of the building contract being signed
• Anyone wanting to build in WA - you don't have to live here

There's no cap on the contract value to receive the Bonus.

How much can I save?

Let's break it down. If you're an eligible first home buyer, you could receive both of these new grants - on top of the First Home Owner Grant already on offer.

To save the mental math, if you combine these three grants, you can get $55,000 in free money to help you build your home. This is not a misprint!

This doesn't even include the money you will save with no stamp duty charges as a first home buyer, so there's still even more to save.

Eligible owners occupiers that are second, third or fourth home buyers may be eligible for up to $45,000 (i.e. both the HomeBuilder and Building Bonus). Under the WA Building Bonus, investors can receive a $20,000 for new homes built during the eligible period.

Or, if you've been wanting to add on that extra bedroom, renovators could qualify for a $25,000 grant.

How do I apply?

The application form for both the HomeBuilder and Building Bonus grants can be found in this link. You can also read the latest Media Statement from Finance Minister Ben Wyatt here.

Want to know more?

You can find more information in these handy links:

• HomeBuilder
• Building Bonus
• First Home Buyers Grant

If you want to discuss what these grants mean for Busselton real estate, give us a call today!