Hot on the heels of the Federal Government announcing a new $25,000 HomeBuilder grant, the West Australian Government has delivered another windfall for buyers – $20,000 Building Bonus Package cash grants to build a new home.
These new offers, on top of already existing support, make getting into a new home more appealing than ever for many buyers with up to $55,000 of discounts easily accessible.
Exactly how does it apply to you and how much can you save, though?
Federal Grant at a Glance
Firstly, the great news is that the new Federal grant is not just for first homebuyers – upsizers and downsizers can all benefit.
The main criteria is that you have to build this new home as your principal place of residence and the property value can not be more than $750,000.
These new build grants, which are non-taxable, are available to Australian citizens over the age of 18, and there are income caps and timelines for contracts and construction.
You can get the full details here but, in essence, the grant is designed to stimulate the economy in the wake of the coronavirus by helping make it cheaper for families, singles and couples to get into the market.
WA Grants at a Glance
In WA, there are $20,000 grants up for grabs that apply to those building a new home on vacant land or buying a new single-tier strata home off-the-plan.
To be eligible, you have to enter into a contract between now and the end of 2020 and there is no cap on the contract value or purchase price. You can also apply for multiple grants for each new home built.
Another bonus with these cash offers is that they apply to investors also, not just owner occupiers – and you don’t have to be living in WA to get the grants.
For all the details regarding eligibility, you can head here.
Other Existing Support
On top of these fresh Federal and State grants, first homebuyers may still also be able to access the existing $10,000 First Home Owner Grant programs – and at a time when interest rates are historically low.
First homebuyers may also be able to save through:
This means eligible first homebuyers are being offered up to $55,000 off the list price of our homes at Pindan’s boutique residential development Parkview in Ferndale, popular house and land estate Botanica Canning Vale and The Heights precinct in sought-after Kardinya.
Thanks to this unprecedented level of financial support, it’s a very attractive time to be entering the property market and, for so many, it won’t cost any more than paying rent.
Contact us now to find out about our house and land packages.