New government grants for home buyers or renovators: How could they help you.

New government grants for home buyers or renovators: How could they help you.
22Jun2020

If you are looking to build a new home or complete a large renovation to your current home, then there are now are few government grants which you may be eligible for.

These grants are part of the State and Federal government’s bid to help the residential construction industry bounce back from the COVID-19 global pandemic.

It’s worth noting that there are a few complexities to the grants which you will need to understand before jumping in and signing a new contract, assuming the grant will apply. To help give you a better understanding of the grants, below is a brief overview of what’s available. Both our Finance and Wealth teams are on-hand and ready to provide you with further explanations and help you determine which option is best suited to your unique needs.

$25K HomeBuilder Grant

HomeBuilder is a federal government grant that provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. It’s available for a limited time only – the contract must be signed between 4 June 2020 and 31 December 2020, and the construction must start within three months of the contract date.

WA’s Building Bonus Package

A grant of $20,000 is available for eligible applicants who:
  • Enter into a contract to 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 strata scheme.
The contract must be entered into between 4 June 2020 and 31 December 2020.

First home owner grant

The First home owner grant (FHOG) is a once-off payment of $10,000 from the government to assist first home buyers to buy or build a property that they will live in. Only one grant is payable per eligible transaction, so if two people purchase together they may only receive one grant.
There are a few things to consider when looking into the FHOG, and the Carbon team can help you navigate this part of your journey.

First home super saver scheme

The First home super saver (FHSS) scheme was introduced by the Australian Government to reduce pressure on housing affordability.
The FHSS scheme allows you to save money for your first home inside your super fund. This will help first home buyers save faster. The Carbon Wealth team can help provide guidance and advice on how to best use the FHSS – get in touch today to organise your free consultation.

What could this mean for you?
Looking to buy and build your first home? This would look like:
  • $25,000 from the federal government
  • $20,000 from the state government
In addition, you may still be eligible for:
  • $10,000 First Home Owners grant
  • First Home Owner rate of duty which should only apply to the value of the land
  • First Home Saver Super scheme which is worth an additional $15,000 for a couple
All in all, this would be worth approximately $75,000! To navigate these options can be confusing, which is where the Carbon teams can help. Contact us today to get started.

Looking to upgrade? You could look into:
  • $25,000 from the federal government
  • $20,000 from the state government
Plus, there might also be eligibility for the first Home Save Super Scheme depending on how existing properties are owned.

Next steps.

Whether the above is overwhelming and you need help breaking it down, or it makes sense but you need help understanding which is the best path for you, Carbon is here to help. Our Wealth team can help you maximise all benefits available to you, and our Finance team can assist to find the best option for you.
Get in touch with us today to get one-step closer to your new or upgraded home.
 

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