Q. What is the HomeBuilder Grant?
A. The Federal Government’s HomeBuilder Grant (HomeBuilder) provides eligible owner-occupiers with a grant of $25,000 to build a new home or substantially renovate an existing home. HomeBuilder is designed to stimulate the residential construction industry by encouraging people to commence new home builds and renovations.
The grant is not a loan, and there is no obligation to repay the money.
Q. Does the HomeBuilder apply to first home buyers?
A. Yes. HomeBuilder will complement the Western Australian Government’s existing $10,000 first homeowner grant. If you meet the eligibility criteria for both grants you can get a total of $40,000 towards construction of your new home. For more information about the first home owner grant please visit here.
Q. What are the criteria for the HomeBuilder grant if you want to build a new home?
A. To access HomeBuilder you must be:
- a person (not a company or trust)
- aged 18 years or older
- an Australian citizen
You must meet one of the following two income caps:
- $125,000 per annum for an individual applicant based on your 2018-19 tax return or later
- $200,000 per annum for a couple based on both 2018-19 tax returns or later
You must enter into a building contract between 4 June 2020 and 31 December 2020, and construction must commence within three months of the contract date.
You must be building a new home as your principal place of residence, and the property value cannot exceed $750,000.
Q. When will the HomeBuilder Grant be paid?
The Federal Government has not yet released details about when the $25,000 will be paid to successful applicants. It could be at settlement of your land, when the slab is poured or when the house reaches practical completion. Stay tuned for more information about this.
Q. When will you be able to apply for the HomeBuilder grant?
A. You will be able to apply for HomeBuilder when the WA Government signs the National Partnership Agreement with the Federal Government. While the WA Government has not yet released details about the process for applications, it will backdate acceptance of any applications to 4 June 2020.
Q. How long do you have to apply for the HomeBuilder grant?
A. HomeBuilder is a time-limited grant program to help the residential construction market bounce back from the COVID-19 crisis. To access the grant, you will need to sign a construction contract before 31 December 2020. Construction of your new home must commence within three months of the contract date.
Q. Will you be able to use the HomeBuilder Grant as a deposit?
A. You’ll need to ask your bank, but most will consider HomeBuilder in the same light as the First Home Owners Grant, and it will be viewed as non-genuine savings.
Q. What is the Building Bonus Grant?
The State Government’s Building Bonus is a grant of $20,000 and is available for eligible applicants who:
- enter into a contract to build a new home on vacant land
- enter into an off-the-plan contract to purchase a new home as part of a single-tier strata scheme.
You must enter into a building contract between 4 June 2020 and 31 December 2020. There is no cap on the purchase price or value of the contract.
Q. Who can apply for the Building Bonus?
A. The Building Bonus is available to:
- Owner-occupiers and investors
- Australian citizens and foreign persons
- Natural persons, corporations and trustees
Q. When do you apply for the Building Bonus?
A: You make an application for the Building Bonus grant when construction has started. Speak to your builder about this when signing.
Q. When does the construction of your new home need to start?
A. Construction must commence within six months of entering into the building contract. This is different from the HomeBuilder Grant, which requires construction to start within six months of entering into the building contract.
Q. Can you receive a Building Bonus Grant if you sign a contract to build a home on a vacant block you already own at Kingsford at Bullsbrook?
A. Yes, if you havent already signed up with a builder.
Q: How do you apply for the Building Bonus?
A. The State Government will shortly make an application form available on its www.wa.gov.au website
Q. Can a first homeowner receive the State Government's First Home Owners Grant (FHOG) as well as the Building Bonus?
First Home Owners Grant (FHOG)
Q. What is the FHOG?
A. The FHOG is a one-off WA Government payment of $10,000 to assist first home buyers in buying or building a residential property as their place of residence.
Q. What if you are a first home buyer who is buying or building a home with a partner who is not a first home buyer?
A. Everyone whose name will appear on the Certificate of Title must meet the eligibility criteria.
Q. How do you apply for the FHOG?
A. If your bank or financial lender is an approved agent, they can process your application. Otherwise, you can download an application form at www.wa.gov.au.
Q. When is the FHOG paid if you are building a new home?
A. The FHOG is paid after you, or your approved agent, have supplied evidence of your name on the Certificate of Title and proof of the date of your first construction progress payment.
Q. What is the first home owner stamp duty concession?
A. First home buyers in WA don't pay stamp duty on a property up to $430k. There is a discounted rate of stamp duty for properties valued between $430,000 and $530,000.
More helpful hints for first homebuyers
Q. Are there any other incentives available to home buyers?
A. There are a range of programs currently in place to help people achieve the dream of home ownership. You may also be eligible for stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
COMMONWEALTH’S FIRST HOME LOAN DEPOSIT SCHEME
FIRST HOME SUPER SAVER SCHEME