Is now the right time to buy, build or renovate a home?
We think so! There are many Government incentives for first home buyers, first home builders or even those experienced at building or renovating. We decided to put them all in one place so it’s clear for you. Read on to get all the facts so you can start (or build) your property portfolio!
Federal Builders Grant
The Federal HomeBuilder grant is worth $15,000 and can help you with either a new home build or renovation. To learn more about the HomeBuilder grant and to see if you’re eligible check out our blog here.
Originally successful applicants had to have the build started within six months, until the Federal Government recently announced the extension of the commencement to 18 months, due to COVID-19 related constraints and delays for materials etc.
Please note: Applications for the HomeBuilder grant closed on April 14th 2021 however, applicants have until 30 April 2023 to submit all supporting documentation (such as invoices for work done, and proof that construction has started) to their State or Territory Revenue Office.
50% Off Stamp Duty
If you are a first home buyer purchasing an existing home under $500,000 you are eligible for 50% off your stamp duty.
First Home Loan Deposit Scheme (FHLDS)
The FHLDS was announced in January 2020 and allows first home buyers to buy into the property market with a deposit as little as 5%. This grant is able to be used in conjunction with other government schemes, making the process of obtaining your first home even easier.
First Home Owners Grant (FHOG)
The First Home Owners Grant is worth $20,000 and valid to those who are purchasing a new (or newly built) home. That means if you’re wishing to build or purchase a brand new home, the Government will help you out with an additional $20,000 on top of your savings. Recently the FHOG was extended to 2022.
If you or someone you know needs assistance with a loan or has any questions regarding any grants please contact us at email@example.com or 03 6334 0883 (Launceston) or 03 6224 4402 (Hobart).