Looking to build a new home and yet to sign a build contract?
With interest rates at record lows, the $25,000 HomeBuilder Grant announced and State and Territory first home buyer grants and concessions still in play it’s certainly a great time to explore the possibility of building a new home.
Let’s see if you’re eligible for the newly announced HomeBuilder Grant.
Things To Note:
- Singles must be earning $125,000 or less based on their 2018/19 tax return or later.
- Couples must have a combined income of less than $200,000 based on their 2018/19 tax return or later.
- Purchase Must be worth less than $750,000 including the land
- The HomeBuilder scheme is not available for investment properties
- Building contracts need to be executed between 4th June and 31st December 2020
- Work has to be done by a licensed builder – owner builders are not eligible
- Work must start within three months of the contract date
With more than 80% of households having income of $200,000 or less the eligibility criteria means that the vast majority of Australians will be eligible for the scheme based on income.
Before rushing into a build contract it’s important to consider your personal circumstances and to be diligent with your builder selection. You still need to be mindful of current lending hurdles, apply careful consideration to build options and have the right terms applied in your contract.
As Prime Minister Scott Morrison said, If you’ve been putting off a new build, now’s the time to do it.
As we say if you can do it now great, but do it properly!
If you’d like to discuss the HomeBuilder Grant in more detail or explore the possibility of building a new home contact one of our Build Advisors today on 1300 993 683 or email hello@ninedots.com.au