The 2020 home owner grant in laymans English
Bob the builder is surely going to get busy with the new number of home grants that are being released all over Australia. Federal Finance Minister Mathias Cormann said between national and WA Government programs, a first home buyer in the State could have access to nearly $70,000 of support taking into account the $10,000 First Home Owners Grant.
So many grants and which ones can you get in addition to existing ones and old ones, this can be confusing, so we have broken it down to you in a simple info-graphic for WA home owners, including the federal grant available in all states of Australia.
The new 20,0000 Home Owner Grant for WA
A grant of $20,000 is available for eligible applicants who
- enter into a contract to build a new home on vacant land or
- enter into an off-the-plan contract to purchase a new home as part of a single-tier strata scheme.
The contract must be entered into between 4 June 2020 and 31 December 2020.
The Building Bonus package will offer up $20,000 grants for West Australians looking to build a new home.
Premier Mark McGowan said the grants were available to foreign and interstate investors. Mr McGowan defended the decision to not means test applicants or apply property value caps, saying the package was about stimulating the construction sector, which had seen few contracts signed in the past two to three months.
The $25,000 Commonwealth Government’s HomeBuilder scheme (Federal grant)
This grant is available to people all over Australia and can be claimed in addition to the $20,000 WA Grant. With the addition of this Federal Government’s $25,000 HomeBuilder payment — you could be eligible for up to $45,000 in Government grants.
Eligible first home-buyers will be able to access both State and Commonwealth grants.
Here is how the $69,440 in home grants is calculated
- Federal Home builder scheme Grant $25,000
- WA Home Owner /Investor New home grant $20,000
- WA first home owner grant $10,000
- Rebate on stamp duty in WA up to $ 14,440
About the WA rebate:
The Off-the-Plan Duty Rebate Scheme promotes investment in the WA residential multi-tiered apartment market. It applies to transfer duty or foreign buyer surcharge. The rebate gives you a discount on these charges. So, it is a rebate rather than a grant, because it puts money back in your pocket and you don’t have the to pay the full transfer or buyer surcharge.
Eligibility criteria can differ from state to state if it is a state-based grant. Grants featured here are mainly WA in addition to the federal home builder scheme.
More information on government websites over here:
Federal grant (Homebuilder)
https://treasury.gov.au/coronavirus/homebuilder
New + Existing WA Home Grants
Rebate & stamp duty concession information
https://www.wa.gov.au/service/financial-management/taxation-and-duty/apply-the-plan-duty-rebate
Incoming searches:
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Category: apartments, first Home buyers, First home Owners grant, investment property, Investor, Real Estate, Unit, Villa
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