HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or undertake major renovations.
This grant falls under a new $680 million Federal Government program that aims to boost the economy and the home construction industry in response to COVID19.
With the announcement comes a number of restrictions, explained below.
- The construction or renovation of the home must take place within three months of the contract date to prevent a rise in house
- Major renovations to take place must be valued between $150,000 to $750,000
- The pre-renovations value of the property must not exceed $1,500,000 and excludes sheds, pools, granny flats and other structures attached to the home
- The grant will be means tested, allowing singles who earned up to $125,000 and couples who earned up to $200,000 the previous financial year to access the scheme
- The home cannot be an investment, the scheme is only intended for owner-occupiers
- A new home must not exceed $750,000 in value, including land
- The scheme will not apply to investment properties or owners who intend on building or renovating on their own without the help of builders/contractors
Those looking to participate in the scheme have until the 31st December 2020.
The HomeBuilder program can be used with other Government incentives.
First Home Buyers Assistance scheme
The First Home Buyers Assistance scheme commenced from 1 July 2017.
The First Home Buyers Assistance scheme is a NSW Government initiative which provides exemptions or concessions on transfer duty for eligible NSW first home buyers. This includes vacant land on which you intend to build your first home.
The First Home Buyers Assistance scheme provides eligible purchasers with exemptions on transfer duty on new and existing homes valued up to $650,000 and concessions on duty for new and existing homes valued between $650,000 and $800,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000.
Fitzpatricks Real Estate has a large selection of brand new and established homes for sale in Wagga Wagga.
First Home Owner Grant (New Homes) scheme
For eligible transactions made on or after 1 January 2016, the grant amount is $10,000.
The First Home Owner Grant (New Homes) scheme was established to assist eligible first home owners to purchase a new home or build their home by offering a grant.
The grant amount is determined by the date of the eligible transaction. This is the date of the contract to purchase a new home or contract to build a home. For an owner builder, the eligible date is when the building work commences.
From 1 July 2017, the First Home Owner Grant Cap for new home purchases is $600,000; for a property where you enter into a contract to build, or are an owner builder the total value cannot exceed $750,000.
What is a new home?
A new home is a home that has not been previously occupied or sold as a place of residence and includes a home that has been substantially renovated and a home built to replace demolished premises.
Disclaimer: All of the information contained on this page comes from sources that Fitzpatricks Real Estate believe to be reliable on the date posted; however, the information may be outdated by the time the viewer reads it, so we cannot guarantee its accuracy. We advise you to carry out your own investigations.