HomeBuilder Grant Extended
30 November 2020
$15k grant now available
Live a little more, for a lot less
The Federal Government has recently announced an extension to the HomeBuilder Grant for eligible owner-occupiers, which means that there’s never been a better time to build your dream home with TERRACE Homes.
$15,000 HOMEBUILDER GRANT
The extension to the HomeBuilder grant provides eligible owner-occupiers (including first home buyers) with a grant of $15,000 to build a new home, where the contract is signed between 1 January 2021 and 31 March 2021, inclusive.
Other changes to the HomeBuilder grant include:
- An extended deadline for all applications to be submitted. Applications can now be submitted up until 14 April 2021 (inclusive). This will apply to all eligible contracts signed on or after 4 June 2020.
- An extension to the construction commencement timeframe from three months to six months for all HomeBuilder applicants. This will apply to all eligible contracts signed on or after 1 January 2021, but will also be backdated and apply to all contracts entered into on or after 4 June 2020.
Other than the above, the existing program criteria applies.
To access 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.
Most States have other incentives such as the First Home Buyer Grant and Keystart loans to help would-be homeowners that meet the eligibility criteria, and in some cases you’ll be able to apply for various grants to boost your opportunity to begin building.
To find out more about HomeBuilder, click here >>
FURTHER INFORMATION FOR FIRST HOME BUYERS
First Home Owner Grant
This is a WA State Government incentive program, offering $10,000 to first home builders and buyers. As this is not a loan, this grant doesn’t require repayments. We’ve mentioned that applicants may be eligible for both the HomeBuilder Grant and the First Home Owner Grant. There is eligibility criteria for this grant, check your eligibility>>
Keystart Home Loan
Keystart loans are low deposit loans awarded to eligible borrowers with an intent to purchase homes under $480,000. Your income, spouse income and other factors play into your eligibility, check your eligibility >>
Home Buyers Assistance Account
This grant provides up to $2,000 relief for incidental expenses including valuation fees, mortgage insurance premiums, mortgage registration fees and more.
There are eligibility criteria for this grant, check your eligibility here >>
Stamp Duty Reductions
When considered eligible for a first homeowner grant, this incentive of having a reduction in stamp duty or a full exemption can apply to recipients who fit into the following criteria.
When buying a property with a value under $430,000, transfer duty is completely exempt and there is a reduced rate of transfer duty if the property values up to $530,000 for house and land.
There are many other ways to take advantage of this incentive, see if you are eligible >>
TAKE ADVANTAGE OF THESE GRANTS WITH TERRACE
TERRACE Homes is WA’s premium home builder, focused on designing and building excellent yet affordable homes.
With a new single-storey collection, ONE by TERRACE, and the existing collection of two-storey and narrow lot homes that you know and love, you’re sure to find a design that is perfect for you. With house and land packages starting from $299,000*, TERRACE homes are located in several desirable areas across the Perth Region.
There has never been a better time to join the TERRACE family. Enquire now!