HomeBuilder scheme set to get more Aussies into home ownership
The Australian Federal Government has announced a new scheme to support home buyers, renovators and the construction sector in the wake of COVID-19. The HomeBuilder scheme will see payments of $25k made to those who enter into a new home contract, or a renovation contract, before the end of 2020.
This payment is not specific to first home buyers, but Simonds Chief Strategy Officer Troy Gorton says this presents a unique opportunity for many first home buyers across the country.
The $25k payment from the Federal Government can be combined with the first home owner grants and the stamp duty/land transfer concessions offered in each state.
This could potentially provide significant cost savings for those looking to buy their first home.
At Start Point, we provide a very personalised service to help people into home ownership and we can see the HomeBuilder scheme making home ownership achievable for many people who perhaps weren’t able to enter the market before.
To qualify for the new HomeBuilder payment, buyers must meet the following criteria:
- You must be an ‘owner occupier’ — the grant does not apply for investment properties
- The new home must be valued at less than $750k (including land)
- Renovations must be valued at more than $150k and under $750K and the home must have been previously valued at under $1.5 million.
- Single buyers can have an income up to $125k
- Couples must have a combined income of up to $200k
- Construction works must commence within three months of the contract signing
The HomeBuilder Scheme will run until the end of 2020.
If you want to know more about what government support programs are available, visit the Start Point Government Help page here. Or contact one of our Start Point Home Ownership Experts who can help you understand what you might be able to access.