New government incentives for buyers

New government incentives for buyers – here is the latest.

Both the state and federal governments have worked together to stimulate the construction industry with the following incentives:

HomeBuilder package

The home builder package is $25,000 up until 31 December 2020. This has been extended offering $15,000 from 1st January 2021 to 31st March 2021. The be eligible for the home builder grant the purchaser must:

1. sign a contract of sale dated between 4 June 2020 and 31 December 2020;
2. be an Australian citizen;
3. earn no more than $125,000 for a single person, or no more than $200,000 for a couple, in the 2018-2019 tax year;
4. buy a property that does not exceed $750,000;
5. commence construction within 6 months of signing the contract of sale;
6. intend to occupy the property as a principal place of residence; and
7. become the registered owner (i.e. apartment is completed) no later than 31 October 2022.

Please refer to https://www.sro.vic.gov.au/homebuilder-grant-guidelines for more information.

First home owners grant

To be eligible for the $10,000 home owner grant the purchaser must:

1. be eligible to receive FHOG;
2. buy a property that does not exceed $750,000; and
3. buy a home that is less than five years old and be the first sale of the property as a residential premises. Please refer to https://www.sro.vic.gov.au/first-home-owner for more information.

Stamp duty concessions

To be eligible for a 50% stamp duty concession the purchaser must:

1. Sign a contract of sale dated between 25 November 2020 and 30 June 2021;
2. on a new or off the plan property; and
3. on a property that does not exceed $1 million.

New government incentives for buyers. Please contact us at to find out which property is eligible for the grants. We specialise in sourcing new and off the plan properties for buyers.

www.crestproperty.net.au 

While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.

November 2020