Have you heard about the government incentives that can help you save big dollars on your first home/new build? With multiple incentives on the table, it pays to do your homework and to be organised. Terms and conditions apply to each grant/scheme and for some, there are limited placements. We have put together a quick guide to help get you started before time runs out!
1. $25,000 Home Builder Scheme
What’s on offer // A grant of $25K to build a new home or substantially renovate an existing home.
Eligibility // You must:
be an Australian citizen.
be over the age of 18 years.
meet income requirements: $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.
enter into a building contract between 4 June 2020 and 31 December 2020 to either: build a new home as a principal place of residence, where the property value (house and land) does not exceed $750,000; or substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property (house and land) does not exceed $1.5 million;
commence construction within three months of the contract date.
How to find out more // Visit: https://bit.ly/3cTY3yE
*There are no limits in terms of applicants for this grant, only a time-limit applies.
2. $15,000 Queensland First Home Owner Grant
What’s on offer // A grant of $15K towards buying or building your new house, unit or townhouse. It is paid per home; not to each applicant for the same home.
Eligibility // You must:
be 18 years of age or over.
be an Australian citizen or permanent resident, or be applying with someone who is.
not have previously owned property in Australia that you lived in (you or your spouse).
be buying or building a brand new home.
not exceed $750,000 for the value of the home including the land.
move into the new home as your principal place of residence within one year of the completed transaction and live there continuously for six months.
How to find out more // Visit: https://bit.ly/2XWFrd4
3. First Home Loan Deposit Scheme
What’s on offer // Eligible first home buyers can purchase or build a modest home with a deposit as little as five per cent – the scheme guarantees to a participating lender up to 15 per cent of the value of the property.
Eligibility // You must meet:
an income test.
a prior property ownership test
a minimum age test.
a deposit requirement.
an owner-occupier requirement.
How to find out more // Visit: https://bit.ly/2zuDviu
*Spots are limited for this scheme, with 10,000 places available from 1 July 2020. You must apply via a participating lender – click on the link above for details.
4. Other tax benefits
There are also tax benefits available with savings utilised through your super. Chat with your financial planner for details.
Navigating building/buying your first home can be an overwhelming and complex process. Chat with your lender for more information about the available grants/schemes. If you need help in the legal department, chat with our team about our flexible services at competitive rates.