FIRST HOME BUYER GRANTS
By now you’ve probably heard the good news! The government is throwing even more money at first home buyers who can now get up to $45,000 towards their new home. The good news is the recently announced federal grant of $25,000 can be coupled with the Victorian-based first homeowners grants of $20,000 (depending on build location). This is sure to give aspiring first home buyers a huge leg up towards owning your dream home.
“Am I Eligible?”
Each grant is administered by different governmental institutions and eligibility rules are different so you may qualify for one grant but be ineligible for another.
HOME BUILDER SCHEME
The recently announced Home Builder Scheme was announced by the federal government to keep the construction industry running throughout the COVID slowdown to the economy. It is a $25,000 tax-free grant available to singles or couples looking to build a home. To be eligible for the grant you need to satisfy the following criteria:
· Build a new home as a principal place of residence where the property value does not exceed $750,000
· Have income less than $200,000 for couples (married or de facto) and $125,000 for singles based on your 2018-19 tax return
· Be over the age of 18 and a natural person (i.e. not a company or Trust)
· An Australian Citizen
· Build Contract in place before 31st December 2020 with build commencement within 3 months of the contract date
For further information please click on the following link for a fact sheet with examples: https://treasury.gov.au/sites/default/files/2020-06/Fact_sheet_HomeBuilder.pdf
FIRST HOME OWNER GRANT
You’ll only ever be a first home owner once so you may as well make the most of it. The Victorian State government is currently offering eligible buyers a $20,000 Boost for Regional first home builders and $10,000 for all other home builders. To determine whether or not you qualify for the regional grant, it will depend on what council you are building in. For a list of councils, please click on this link: https://www.sro.vic.gov.au/regionalFAQs. To be eligible for the FHOG the home that you are building needs to be below $750,000 in value and you and/or your spouse/partner:
· Have not received the First Home Owner Grant in Australia
· Have not owned a home or residential property in Australia either joint or separately after 1 July 2000
· Are over the age of 18
· Are An Australian Citizen or Permanent Resident Further details can be found here: https://www.sro.vic.gov.au/first-home-owner
If you’ve recently started looking at property and are interested, you really need to get a move on. Please visit our previous Blog Post: https://blog.kingsbridge.com.au/first-home-buyers for ideas on where to start. The final date of 31st December 2020 will come around very quickly and there’s a lot to get organised to take advantage of this offer. At Kingsbridge Homes we have developed Kingsbridge Direct, a new process to help you get your job to site as soon as possible so you don’t miss the deadline. Speak to your sales agent to find out more.
Kingsbridge Homes is a ProductReview.com.au’s 2020 Award winner for Home Builders as voted by our clients and was also named HIA’s most professional medium builder in the most recent HIA Awards. On top of the generous government grants, Kingsbridge is offering customers an additional to $20,000* worth of savings and discounts in certain build areas bringing the total savings up to a massive $65,000! For more information please contact: sales@kingsbridge.com.au or dial 1800 897 876 to speak to one of our helpful team!
*Certain build areas and packages. See website for further details
DISCLAIMER: Please note the thoughts expressed in this blog are the thoughts of the author and don’t necessarily reflect the thoughts of the company. Before making any decision, we advise seeking the help of a licenced professional.