The State Government of WA offers $20,000 to home builders
If you are building a new home then it just got a lot cheaper. The latest Building Bonus scheme is offering new home builders a grant of $20,000.
It will be available to any home buyer who wants to build a new house. Also, homebuyers who purchase a property in a single-storey development which is already under construction — such as a townhouse development — can apply for the grant.
This grant follows on from the Federal Governments $25,000 HomeBuilder Package announced last week. However, unlike the HomeBuilder Package, this grant will not be means-tested.
The WA Building Bonus Grant means new homebuyers who meet income criteria for the federal package could receive $45,000 in government assistance. That figure rises to $69,440 if the buyer is a first homeowner and eligible for the existing $10,000 first home owner grant and stamp duty concession.
If you are a first home buyer and qualify for stamp duty concession the final grant can be $69,444 when combined with the federal government grant.
As part of its new package, the Government will also extend a 75 per cent stamp duty rebate — a stimulus introduced last year for off-the-plan apartments — to include apartment projects currently under construction.
This rebate capped at $25,000 will only be available to owner-occupiers.
The whole idea behind this grant is to support the 2500 jobs and stimulate the local economy. The grant is part of a $125 million Building Bonus package.
As is the case with the Federal Government’s HomeBuilder package the Building Bonus Grant will be available from June 4 to December 31, 2020.