By Melissa Clarke
I've been hearing about this $20,000 Building Bonus Grant on offer until December 2020, and decided to find out the facts, because if you're anything like me, $20K sounds like a great deal!
Back in early June, Premier Mark McGowan, announced that in an effort to support and maintain our building and construction industry throughout the economic challenges of the COVID-19 pandemic, the WA Government would be introducing "$20,000 Building Bonus grants for any Western Australia to build a new house or purchase a property in a single-tier development already under construction".
"The grants will not be means tested and have no cap on the property value. This grant is on top of the Federal Government's HomeBuilder Grants as well as the WA's First Home Owner Grants and first home buyer duty concession."
What does this mean, well if you are a person who qualifies for all four grants, you could access up to $69,440 in Government assistance to help you build your dream first home!
These grants are being implemented for contracts signed between 4 June 2020 and 31 December 2020. The hope is that by doing this, the Government will help get as many new projects off the ground and will help keep as many WA jobs intact as possible.
Construction on the building contract must start within the 6 months, which is different from the Federal Government HomeBuilder Grant which requires construction to start within 3 months.
You can even access this grant when you sign a building contract on a property you already own.
The grants and rebate schemes are available for owner-occupiers and investors, Australian-citizens and foreign persons, and natural persons, corporations and trustees. You do not need to be living in WA to access the grant.
When can you apply for this grant?
For a new home on vacant land (new detached dwelling) - apply when construction has started (foundations complete).
For new single-tiered dwellings such as villas and townhouses - apply when you are the owner of the property (registered on the certificate of title).
What properties are eligible for the grant?
- New detached homes constructed under a building contract
- New relocatable homes
- New homes constructed by an owner-builder
- New single-tiered homes on strata plans such as villas and townhouses. For more information about these types of properties, see section 3(1) of the Strata Titles Act 1985
- New single-tiered homes on other land survey types.
What properties DON'T qualify for the grant?
- Properties in multi-tiered developments such as an apartment tower. These properties may qualify for an off-the-plan duty rebate.
- Mixed use and commercial property
- Short stay accommodation
- New constructions where there is already a home on the land, for example, adding a granny flat to the backyard of the person's home
- Refurbished property and developments, including where the original property is extended or renovated. Substantial renovations may qualify for the Commonwealth Government's HomeBuilder scheme.
- A building contract or contract for the purchase of property that the Commissioner is satisfied was cancelled to allow a new contract to be made for the purpose of qualifying for the grant
- Completed dwellings (existing stock) held by the developer or another person
Now you're armed with all the facts, why not get in touch with us to find out how we can help you take the next step towards owning your own home.
Contact Andrew Mackenzie, our friendly Estate Sales Manager on 0419 904 790 or firstname.lastname@example.org or visit our website www.spatialproperty.com.au