What a year it has been!
At the beginning everyone was saying.... "this is my year" ... "This year is going to be amazing..." "2020 is the year I am going to...."
The reality for many people has been very different to what they were hoping for.
Thanks to the Australian Government and namely Mr. Scott Morrison, the building industry has been kept afloat and has allowed many people to stay in jobs because of Job Keeper and the wonderful HomeBuilder program as well as other options for Aussie Home Owner/Occupiers.
As a result the Building Industry has been crazy busy, which has been great for the Australian economy and for home owners. The fading dreams of families and couples to be able to purchase, build or renovate their homes has turned into smiles and joy when they have been able to realise some dreams by buying, building new homes or renovating as a result of the Government grants being generously offered.
There were and still are, actually THREE grants available to eligible people.
The HomeBuilder, the Building Bonus Grant and the First Home Buyer grant! And the good news is, that if you are eligible, you could apply and receive money for all three!
With the First Home Buyer Assistance Scheme which runs from the 1st August 2020 to the 31st July 2021, along with existing homes, if you haven't previously purchased land or a home, you won't have to pay transfer duty (previously known as stamp duty) if your land is valued at less than $400,000. Between $400,000 and $500,000 there is a concessional rate set that you need to pay. A lot of people don't know about this; it could save you thousands of dollars not having to pay that transfer duty.
Head to https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/transfer-duty to calculate the savings you could benefit from.
The First Home Owner Grant applies to all Australian residents who buy and move into the home within twelve months of it being built or substantially renovated (most or all of the home was removed or replaced.) A new home is considered as such if no one has ever lived in the home before you moved in.
The HomeBuilder program was extended on the 29th November 2020, to 31st March 2021 but with a drop to $15,000 to all eligible owner occupiers. There are some other new changes with that, but the great news is that you can still get $15,000 applied to your account as a gift from the Government. That's a nice savings for Australian Home owner occupiers, and one that many have taken up.
Integrity New Homes Surf Coast is happy to say that some of these grants have been useful for keeping our team of trades and contractors extremely busy, but very happy to be part of the building industry. The future is bright even through the darkness of the pandemic. For a great Government and Country we are all very grateful.
For more information about how we can help you with a new home, even your first home, contact us here