New Building Grants – What do they mean for you?

The Australian Federal Government and the Western Australian State Government have recently announced new grants available for homebuyers, making it more affordable than ever to build your dream home.

With articles about this floating around all over the internet, what this could mean for you might be confusing. We've put all the information you need into one simple blog, to save you from reading tonnes of news stories!

The new Home Builder Grant is from the Australian Federal Government, and equates to $25,000*. This is available all over Australia.

In Western Australia, the State Government have announced that eligible homebuyers will now receive an additional $20,000* towards their new home. On top of this, if you're a first homebuyer, you could be eligible for the existing $10,000* first homeowner grant.

What does this mean for you?

· If you're a first homebuyer, you could be eligible for up to $55,000*, which includes the first homeowner grant.

· If you're a non-first homebuyer, you could receive up to $45,000*.

· If you're an investor, you're looking at up to $20,000*.

Good to know…

Something to take into consideration is the time it takes to get finance and to enter into a building contract. It can take up to 30-40 days to secure finance, so don't leave it to the last minute, as this is only available until the end of the year!

Whilst these new grants are an amazing stimulus to help WA homebuyers achieve their home-owning goals, it also means demand is going to increase.

If you're looking to build, get in touch with a builder than has a connection with finance or a specialist finance partner. At > Insert brand >, our in-house finance partners Resolve Finance are here to ensure you have a smooth building journey. With an award-winning team of Mortgage Brokers specialising in Construction finance, you’re in safe hands.

Interested to find out what this could mean for you? Get in touch here > Enter link > and one of our experienced team can walk you through the process.

Do you qualify?

As you can imagine there’s some small print to qualify for these various offers, so we’ve summarised below for you, but it is worth chatting through your situation with one of our experienced team who can help advise.

Federal Government HomeBuilder Grant ($25k)

You’ll need to be:

· Be over 18 years of age.

· Be an individual and not a company or trust.

· Be an Australian citizen.

· Earn less than:

- $125,000 per annum as an individual

- $200,000 per annum as a couple

· Enter into a building contract between 4th June 2020 and 31st December 2020 to either:

- Build a new home valued up to $750,000 (including land)

- Substantially renovate your existing home with renovations valued at between $150,000 and $750,000 with the dwelling not valued at more than $1.5 million before the renovation.

· Construction of a new home or substantial renovation must commence within three months of the contract date.

WA State Government Grant ($20k)

The same as the Federal grant, you need to enter into a building contract between 4th June 2020 and 31st December 2020 to be eligible. There is no cap on the purchase price or value of the contract, so don't worry about having to spend a certain amount to receive the grants!

*Information on this page does not consider your personal needs and financial circumstances and you should consider whether it is appropriate for you. Lenders terms and conditions apply and may vary. Eligibility is at the discretion of State and/or Federal Government, further Federal information here and State here. All Financial services provided by Resolve Financial Solutions Pty Ltd trading as Resolve Finance ABN: 65 079 545 378 Australian Credit Licence No. 385487. Please refer the relevant State & Federal Government media statement using the below links:

WA State Government: https://www.mediastatements.wa.gov.au/Pages/Default.aspx

This blog post is the intellectual property of ABN Group and is being used on this site solely as a representation of my work.