First home buyers have been given a financial boost due to the recent economic strain on the building industry since the recent Covid 19 pandemic. There is already a $15k grant available to eligible applicants with the Federal government offering a new building incentive of $25k and the Queensland government offering an additional $5k if you build in a rural location. Stamp duty has also been waivered in some instances saving first home owners up to $7k. To see if you are eligible read further below and follow the link to receive our free assessment guide.
Its hard enough for most couples just getting through the week of rent bills and living expenses . Throw in a couple of dependents and the dream of owning your home slowly slips further away. However new entries to the housing market have been given a potential life line to help own their own piece of real estate sooner. The boost comes as a result from a deadly virus that has changed the way the worlds works for the foreseeable future and governments scramble to keep the construction industry viable. So how do you get the assistance? If you sign a building contract for a new house, unit or townhouse after June the 4th and before December 31st 2020 you may be eligible for the grant. You must be purchasing a new home or off the plan dwelling and is not available to investors. See the following checklist to see how it works.
The first home owners grant offers applicants $15 towards the new home. This is paid per new dwelling so its not available to each applicant for the same home if the contract is entered into jointly.
- You will need to be at least 18 years of age.
- You or your partner must be an Australian citizen or permanent resident.
- You can not have previously owned property in Australia that you lived in.( including your spouse.)
- You must be building a brand new home unit or townhouse.
- The value of the home including the land must not exceed $750,000.
- The new home will be your principal place of residence within 1 year of completion and you must live there continuously for 6 months.
The home builder grant is still available for eligible applicants provided they have not received the grant already in another state or territory. This new Home Builder grant provides individuals and couples with $25,000 towards building or buying a new home or substantially renovating an existing home that they will own and occupy.
- You must be at least 18 years of age.
- Companies and trusts cannot apply.
- You must be an Australian citizen.
- Your annual taxable income must be below $125,000 for an individual or $200,000 for a couple. Based on your 2018-19 or 2019-220 Taxable income.
- The applicant must be the registered owner on the title.
- After completion the home will be your principal place of residence.
- Available for contracts that are signed between 4 June 2020 and 31 December 2020
- The new home can be off the plan valuations but must include the total costs including land value up to $750 000.
- Also can be used towards a renovation of an existing home or property where the value was less than 1.5M prior to the renovation. This is for contract between $150 000 and up to $750 000.
“Disclaimer note” All information provided is from the Queensland Government website https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant/apply-first-home-grant
Night Sky Homes and there employees are not responsible for individuals circumstances or financial situation. We are not accredited financial planners nor advertise as such. Please seek independent advise prior to engaging in written building contracts. We can offer third party fiduciaries for unbias appraisals of of your current financial situation and suitability to available products and do not receive any financial incentives for referrals.