Why now is the perfect time to build
With an uncertain year that 2020 was, and as it draws to a close, one positive outcome for home builders was the announcement of the construction stimulus package earlier this year.
With an aim to drive demand in Australia’s vital construction sector with new homes and renovations, the grant has now been extended from January 1st 2021 to March 31st 2021 due to the programme’s popular demand. With contracts signed between 4 June and December 31st 2020 (inclusive) the $25,000 grant on new builds still applies.
Following the announcement made on Sunday the 29th of November, with contracts signed between January 1st 2021 and March 31st 2021 customers will receive a $15,000 new build grant.
This means, if you’re a first home buyer, you’re eligible to combine the First Home Buyers grant with the new stimulus grant which will mean that NSW first home buyers will receive $25,000 off their home build, whereas Queenslanders can enjoy $30,000 off their home build.
Further to this, property caps for new builds in New South Wales have been increased to $950,000 whereas Queensland’s new build price cap remains at $750,000 where the contract is signed between January 1st 2021 and March 31st 2021.
Stamp duty concessions are included within the stimulus and the following criteria remains.
• Singles must be earning $125,000 or less based on their 2018/19 tax return or later.
• Couples must have a combined income of less than $200,000 based on their tax returns.
This grant not only offers a steppingstone to many Aussies dreams of owning their own home but additionally provides a big difference to the recovering economy with more jobs available for trades, suppliers and builders.
Now is the perfect time to step into the new home building market and begin your home building journey.
To find out more on the HomeBuilder Grant, click here to visit the Government’s Treasury site for more details.