There has never been a better time to build
You may have seen the news last week, with the Federal Government announcing their HomeBuilder scheme. This scheme is offering grants of $25,000 for those entering contracts over $150,000 to build or substantially renovate their own home before the end of this year. There are eligibility requirements including being an Australian citizen, construction must commence within 3 months of the contract date and subject to income and property value caps. Further information and factsheets available for download here. Furthermore, our WA State Government has this morning announced their own $20,000 building grant with broader eligibility criteria. There are no income or property value caps and it is not limited to owner occupiers or Australian citizens. It allows 6 months for the commencement of construction and also extends to those buying a property in a 'single-tier' development that is already under construction (e.g. strata titled villa or townhouse, not apartments). Our State Government have also extended the 75% off the plan apartment stamp duty rebate (capped at $25,000) to include the purchase of apartments already under construction. Further information on the WA State initiatives available here. Those who are eligible could apply for both the state and federal building grants, as well as the existing first home buyer benefits (article), meaning there is the potential for elegible first home buyers to access a total of $55,000 in cash grants to enter a building contract in the next 6 months.