There's never a better time to build. We've heard that repeatedly over the years but in the last few weeks, this has never been so true. The Federal Government came out with a HomeBuilder stimulus package which gives some $25,000 to build their home. Then the WA government came out with a $20,000 stimulus package which could give some $45,000 to build their new home.
$25,000 - To access Federal Government's HomeBuilder, owner-occupiers must meet the
following eligibility criteria:
• you are a natural person (not a company or trust);
• you are aged 18 years or older;
• you are an Australian citizen;
• you meet one of the following two income caps - $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or
$200,000 per annum for a couple based on both 2018-19 tax returns or later;
• you 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 does not exceed $1.5 million;
• construction must commence within three months of the contract date.
$20,000 - To access the WA Building bonus you need to
- 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.
$10,000 - The First Home Owners Grant in WA gets you another $10,000.
Details here.
So who's still in the room buying an existing home?