Friday, June 12, 2020

WA listen up - How to Get $55,000 off your new house?

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? 

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