Government Grants & Stimuluses
The West Australian Government unveiled a $125 million stimulus package for the State’s home building sector, providing cash grants to prospective Home Buyers on top of the Federal Governments existing stimulus & schemes.
Up to seven different schemes are available:
- State Building Boost Grant $20,000
- Federal Home Builder Grant $25,000
- First Home Buyer Grant Cashback $10,000
- First Home Buyer Stamp Duty Relief up to $430k purchase price
- Home Buyer Assistance Account up to $2000 up to $400k purchase price
- 75% Stamp Duty Rebate – off the plan purchases
- First Home Loan Deposit Scheme – Government Guarantee Lenders Mortgage Insurance
As a first home buyer the maximum you could be eligible for is up to $69,440 in grants, rebates and schemes – definitely worth considering if you were looking to get into the market in the short to medium term.
Grants a bid to save jobs
In a Facebook post, WA Premier Mark McGowan said the pipeline of new construction projects had “slowed dramatically” amid the coronavirus pandemic, putting “local jobs at risk in the coming months”. Taking action now to mitigate any potential damage and support local jobs.
The “Building Bonus” scheme will run for just over six months, with grants available until December 31, 2020.
Considerations
Whilst there are many options available – it is still imperative to work on your own personal circumstances and plans. Then look at what options/grants/schemes work for you.
With all the focus on the new/building market – it does mean the existing market may hold some great opportunities for those entering the market. Depending on the cost of building (not just the purchase price but the interest during building) as well as the time it takes to get approved and building completed – you may find what you are looking for in the existing market.
There are different requirements & rules for each grant. We still don’t have all the answers yet regarding the newest schemes as to when they will be available to use although most commentary is around slab down – which means they can’t be used as your deposit at finance application time. This is still to be clarified by Treasury and the individual financiers.
So, the best information we can give you is to contact us – so we can look at your personal situation and tailor make the best way forward for needs and plans.
Warm regards,
