$45k in grants now available
11 June 2020
There has never been a better time to build a TERRACE.
The Federal Government and the WA State Government have recently announced stimulus packages in the form of cash grants for eligible owner-occupiers (including first home buyers), which means that there’s never been a better time to build your dream home with TERRACE.
$25,000 HOMEBUILDER GRANT
Unlike the existing first home buyers and Keystart grants and loans, the Federal Government’s HomeBuilder grant doesn’t stop at $7,000 – $10,000 but offers a generous $25,000 to support all types of buyers. If eligible, you could also benefit from this grant in addition to the $10,000 First Home Owners Grant, totaling $35,000.
HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home, where the contract is signed between 4 June 2020 and 31 December 2020.
$20,000 BUILDING BONUS GRANT
To help get new homes under construction, the WA State Government has introduced $20,000 Building Bonus grants for any Western Australian to build a new house or purchase a property in a single-tier development already under construction.
The grants will be available until the end of the year, will not be means tested and have no cap on property value.
They will be on top of the Federal Government’s HomeBuilder grant, as well as WA’s First Home Owner Grants and first home buyer duty concession, meaning someone who qualifies for all four could access up to $69,440 in Government assistance to help build their first home.
This new rebate, which is capped at $25,000, will now also apply to newly completed apartments which have not been sold prior to the completion of the development. This rebate is only available to owner-occupiers.
To access HomeBuilder, owner-occupiers must meet the following eligibility criteria:
• you are a natural person (not a company or trust);
• you are aged 18 years or older;
• you are an Australian citizen;
• you meet one of the following two income caps:
$125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or
$200,000 per annum for a couple based on both 2018-19 tax returns or later;
• you enter into a building contract between 4 June 2020 and 31 December 2020 to build a new home as a principal place of residence, where the property value does not exceed $750,000;
• construction must commence within three months of the contract date.
Most States have other incentives such as the First Home Buyer Grant and Keystart loans to help would-be homeowners that meet the eligibility criteria, and in some cases you’ll be able to apply for various grants to boost your opportunity to begin building.
FURTHER INFORMATION FOR FIRST HOME BUYERS
First Home Owner Grant
This is a WA State Government incentive program, offering $10,000 to first home builders and buyers. As this is not a loan, this grant doesn’t require repayments. We’ve mentioned that applicants may be eligible for both the HomeBuilders Grant and the First Home Owner Grant. There is eligibility criteria for this grant, check your eligibility>>
Keystart Home Loan
Keystart loans are low deposit loans awarded to eligible borrowers with an intent to purchase homes under $480,000. Your income, spouse income and other factors play into your eligibility, check your eligibility >>
Home Buyers Assistance Account
This grant provides up to $2,000 relief for incidental expenses including valuation fees, mortgage insurance premiums, mortgage registration fees and more.
There are eligibility criteria for this grant, check your eligibility here >>
Stamp Duty Reductions
When considered eligible for a first homeowner grant, this incentive of having a reduction in stamp duty or a full exemption can apply to recipients who fit into the following criteria.
When buying a property with a value under $430,000, transfer duty is completely exempt and there is a reduced rate of transfer duty if the property values up to $530,000 for house and land.
There are many other ways to take advantage of this incentive, see if you are eligible >>
TAKE ADVANTAGE OF THESE GRANTS WITH TERRACE
TERRACE is WA’s premium home builder, focused on designing and building excellent yet affordable homes.
With a brand new single-storey collection, ONE by TERRACE, and the existing collection of two-storey and narrow lot homes that you know and love, you’re sure to find a design that is perfect for you. Starting from just $375,620, TERRACE homes are located in several desirable areas across the Perth Region.
There has never been a better time to join the TERRACE family. Enquire now!