Finding the funds to begin your dream home journey can be one of the most challenging parts of the process. But did you know there is a range of grants out there for first home buyers and new homeowners that could help you on your way?
Building grants are designed for people who enter into a contract to build a new home or buy a developed home. In WA, there are three grants that you could be eligible for:
- The First Homeowners Grant
- The Building Bonus Grant
- The HomeBuilder Grant
The HomeBuilder Grant is a Federal Government initiative that gives new homeowners up to $15,000 to aid their development. This can be for a new home or to renovate an existing home (up to the value of $1.5 million). But there are a few boxes you have to tick to be eligible for this incredible grant.
First of all, you must be over 18 years old and an Australian citizen. This grant is only for individuals and not companies or trusts. The applicants must earn less than $125,000 per annum as an individual or $200,000 per annum as a couple. Your construction must commence within six months of the contract being signed. The price cap on your new build is up to $750,000 in WA.
The grant was initially only offered between June 4, 2020, and December 31, 2020, with a grant of $25,000. But on November 29 last year, the Government announced the extension to the program to March 31, 2021. The Government updated the grant to $15,000 for all 2021 projects.
This came as great news for those who just missed the cut-off. If you are a first home buyer, you will also be eligible for the First Home Owners Grant of $10,000 in addition to the funds provided by the HomeBuilder Grant.
So if you are eager to begin a new build, or maybe renovate an old one, the HomeBuilder Grant could be the one to help make your dreams come true. Contact one of our Property Advisors today on (08) 9202 9292 to talk about what you’re eligible and get you on track to the right house and land package.