First Home Buyers/Builders
Regrettably, COVID-19 has had a substantial impact across a multitude of industries, and the construction trade is no exception. In order to control the effect on the industry- on 3 June 2020, the Federal Government announced the highly-anticipated HomeBuilder initiative; providing that individuals will have the ability to access a grant of $25,000 toward the construction or renovation of their homes, so long as they meet the guiding criteria (which can be found HERE).
It is important to note that that this is not the only scheme or grant on offer to first home buyers. Since its introduction on 1 July 2000, the First Home Owner Grant (FHOG) has been enabling an unprecedented number of Australians to enter the property market, by contributing $10,000 toward the purchase price of their first home. In conjunction with this- as of 1 July 2017, the First Home Buyers Assistance Scheme has allowed individuals purchasing homes valued up to $650,000 to receive total exemption from stamp duty; and houses valued between $650,000 to $800,000 to receive a reduction in this cost.
It has been confirmed by the Federal Government that ALL schemes are able to be used in combination with one another- providing that First Home Buyers/Builders could potentially be saving in excess of $35,000 if they are to sign a building contract before 31 December 2020.
If you have been considering buying, building or renovating your home- NOW IS THE TIME! Let our expert Conveyancing team help you to achieve your property dreams; ensuring that you maximise your potential for schemes, grants, and all things in between.
Book your FREE* phone, Skype or Zoom consultation today!
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