WA’s “Building Bonus” Homeowners Grant
The West Australian Government has unveiled a $125 million stimulus package for the state’s home building sector, providing cash grants to prospective homebuyers.
Under the scheme both owner-occupiers and investers who build a new house will be eligible for a $20,000 grant.
The scheme will not be means tested and there will be no property value caps. It will apply to contracts entered into between 4th June 2020 and 31 December 2020.
It’s important to note that this grant is separate from the Federal Government’s “HomeBuilder” grant which was announced earlier in the month. HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or renovations by owner-occupiers who spend at least $150,000 of their own money. The HomeBuilder grant is means tested and subject to a property valuation cap.
In summary if new homebuyers who meet income criteria for the federal package could receive $45,000 in government assistance. That figure rises to $69,440 if the buyer is a first home owner and eligible for the existing $10,000 first home owner grant and stamp duty concession.That’s a great outcome for first home buyers wanting to get into their own home!
Please contact our office if you would like to discuss any of the above government grants in more detail.