New housing grants and incentives 2020 explained!

June 9, 2020

Speaking with a few buyers recently, there appears to be some confusion about the recently announced Federal & State housing grants. After doing some of my own research I have summarised the main incentives available to buyers currently, however it is always important to do your own due diligence on the terms & conditions and eligibility.
 

$25,000 Federal Government ‘Home Builder’ Package

  • Only for building a new home or substantially renovating an existing home.

  • An income means test is required ($125K individual, $200K couple).

  • Must be Australian citizen.

  • Valid between June 4th – December 31st 2020.

More info: https://treasury.gov.au/coronavirus/homebuilder
 

$20,000 State Government ‘Building Bonus’ Package

  • Valid for both owner/occupiers and investors who either construct a new home or purchases off-the-plan before development is completed.

  • No means test required.

  • Available to Australians and foreigners (no need to live in W.A)

  • Cannot be used for mixed use, commercial or short stay properties.

More info: https://www.wa.gov.au/government/announcements/building-bonus-package

 

$10,000 FHOG (First Home Owner Grant)

  • Pre-existing grant available to first home buyers only on a new build or off-the-plan purchase.

More info: https://www.wa.gov.au/organisation/department-of-finance/fhog

 

FHOG Stamp Duty Exemption

  • For first home buyers, properties valued at less than $430,000 there is no stamp duty payable. First home buyers purchasing a home valued between $430,001 and $530,000 receive a discount rate.

More info: https://www.wa.gov.au/organisation/department-of-finance/fhog

 

First Home Buyer Assistance Account

  • First home buyers in W.A may be eligible for a grant for up to $2,000 to reimburse some of the costs associating with purchasing a first home (settlement fees etc).

  • Home must be established or partially built.

  • Max purchase price must be $400,000.

More info: https://www.commerce.wa.gov.au/sites/default/files/atoms/files/hbaa_0.pdf

 

Feel free to contact me anytime to chat about anything real estate related!

Dan Sharp

dsharp@arenare.com.au
+61 412 832 945

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