Are you buying, building or renovating?
The Government has put a number of stimulus packages in place to support homeowners and prospective home buyers. Here’s what you need to know about the Government grants.
WA State Government First Home Owners Grant of $10,000 & Stamp Duty Concessions
This is available for First Home Buyers who:
- have never owned a property in WA in your own name and neither has your spouse;
- intend to live in the home as your principal place of residence for at least 6 continuous months within 12 months of settlement;
- enter into a contract to purchase a brand new or off the plan home where the property value does not exceed $750,000; or
- enter into a contract to purchase a substantially renovated but never lived in property where the value of the property does not exceed $750,000; or
- enter into a contract to construct a new home where the value of the property (house & land) does not exceed $750,000;
Waiver of land transfer stamp duty for property purchases up to $430,000.
More details to apply for the FHOG can be found here.
WA State Government Building Bonus Grant of $20,000
This is available for all Owner Occupiers (including First Home Buyers) & Investors who:
- enter into a contract between 4 June 2020 and 31 December 2020 to either:
- build a new home on vacant land; or
- enter into an off-the-plan contract to purchase a new home as part of a single-tier development on a strata plan or other land survey type before the development is completed;
- there is no cap on the purchase price or value of the contract;
- not actual means tested.
You will find more information on the Building Bonus Grant at apply for a new home construction grant.
Commonwealth Government HomeBuilder Grant of $25,000
This grant is available to Owner Occupiers (including First Home Buyers) who:
- enter into a building contract between 4 June 2020 and 31 December 2020 to either:
- build a new home as a principal place of residence, where the property value does not exceed $750,000; or
- substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property (house and land) does not exceed $1.5 million (pre-renovation);
- meet one of the following two income caps:
- $125,000 per annum for an individual applicant based on your 2018-19 taxable income or later; or
- $200,000 per annum for a couple based on both 2018-19 taxable income or later.
- will continue to live at the property (as your principal place of residence) for at least 6 months.
For more details head to the HomeBuilder explanation on the Treasury website here.
If you would like to find out more or discuss your eligibility for these homeowner grants, or to talk about property finance solutions, please contact your Ledge Finance Executive directly, or contact our offices here and we will be more than happy to assist.
Please note the information provided here is general in nature and does not constitute financial, tax or other professional advice. The current environment is changing rapidly and rules and regulations for the measures explored are constantly evolving. You should consider whether the information is appropriate for your needs and seek professional advice prior to making any decision.
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