WA GOVT ANNOUNCES “BUILDING BONUS” SCHEME
The WA Govt announced a $125 million package for the WA construction sector in June 2020. This scheme provides a $20,000 grant for those looking to build or buy a new home.
The $20,000 grant announced by the WA government is available to owner-occupiers, first home buyers and investors building a home or buying a property that is under construction( in single storey developments that does not include apartments). The scheme is due to end on 31st December 2020.
HOW MUCH CAN I GET AS A WA FIRST HOME BUYER
WA first home buyer can receive up to $70,000 in incentives to build a new home, including the Federal government incentives. WA first home buyer will be eligible for the following incentives:
WA State Grant- $10,000
Federal Govt Grant- $25,000
WA Building Bonus Grant- $20,000
Total Grants- $55,000
In addition to the above, Wa first home buyers will also be eligible for up to $15,000 in stamp duty concessions.
WHICH PROPERTIES ARE ELIGIBLE?
Unfortunately, established home don’t qualify for the scheme. The WA grant and building bonus are applicable to WA first home buyers who build or buy a brand new home. The federal Govt. grant is on;y applicable to first home buyers who construct their own home. The WA home building scheme grant of $20,000 will also not be means-tested and has no cap on the value you can spend on building your first home.
HOW DO I TAKE ADVANTAGE OF THE SCHEME?
At FHBA, we can assist you throughout the whole process of buying your first home in WA which includes:
- Determining your first home loan borrowing capacity.
- Arranging a pre-approval at no cost to you.
- Our new home experts can help you find that dream home which will be eligible for $55,000 in Govt incentives.
- Ensuring you can use the WA grant as part of your deposit.
Speak to an FHBA Coach https://fhba.com.au/contact/ by clicking here today, to get your first home process started.
First Home Buyers Australia