At SOMO, we are more than ready to help you find a space of your own. With our extensive knowledge on a range of house and land packages, we want to help you own, or create, the most stylish house on the street whilst still reflecting your individual needs down to the very last detail. And, this dream space of your own could come sooner than you think thanks to the new home builder grants announced by the Federal and State Governments.

The Federal Government home building grant has been offered to help ease the economic impacts following the COVID-19 pandemic. It is designed to give eligible first homeowners a chance to get in to their home sooner, create more local jobs, and therefore stimulate the economy.

If you’re eligible under the ‘HomeBuilder’ scheme, the Federal Government is offering up to $25,000 towards the construction of new homes and land valued up to $750,000. This home builder grant is offered for extensive renovations as well as new builds, on the condition that the building contract must be signed between June 4, 2020, and December 31, 2020, and construction to begin within three months of signing.

We know this will be the kickstart some of our future clients need to make their dream home ownership become a reality. To be eligible for the Federal Government ‘HomeBuilder’ scheme, you must be:

  • Over the age of 18
  • An individual applicant (i.e. not a company or a trust)
  • An Australian Citizen and
  • Earn under $125,000 as an individual applicant, or a combined income of $200,000 per couple
  • Lucky for us over here in the West our State Government has added an additional incentive, the new ‘Building Bonus’ package, introduced for new homeowners or builders. The WA State Government home builder grant is offering eligible individuals $20,000 towards the construction of a new residential build, with no conditions on the value of the property or the amount you earn. The new home grant is also available when purchasing a single-tier development, before the completion of the build (for example, off-the-plan).

    As mentioned, the ’Building Bonus’ differs from the Federal Governments’ ‘HomeBuilder’ scheme in that it doesn’t have a maximum limit on the purchase price or require a means test for eligibility. With both these home builder grants under consideration, if you are eligible, you could receive up to $45,000 in assistance for the construction of your dream space. And don’t forget, the WA First Home Buyers grant of up to $10,000 is still available with stamp duty concessions.

    You have waited long enough – we want to help get you into a space of your own as soon as possible! We have done the math and providing you are eligible; you could receive up to $69,440 in grants from our State and Federal Government. Now really is the perfect time for West Australians to make the most of this opportunity and begin the construction of your first home, thanks to the help of these new home grants.

    Is reading this exciting you as much as it is us? Think of all the new possibilities open for you to explore with these bonuses. At SOMO, it is always our goal to help you build or buy your new home with as little stress as possible. If this isn’t the sign you need to get started, we don’t know what else you could be waiting for!

    If you have any questions regarding the Government building grants and the home finances you need to start living in your dream space, please get in contact with us today at https://www.somo.com.au/contact-us/