Now Is The Time To Build: McGowan Announces A Further $20K Home Builders Grant

If you were in the market to build a house, now is the best time to lay a slab.

Now Is The Time To Build: McGowan Announces A Further $20K Home Builders Grant

If you were in the market to build a house, now is the best time to lay a slab.
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If you were in the market to build a house, now is the best time to lay a slab.

Hot off the heels of Scott Morrison and the Federal Government’s announcement of the HomeBuilder package, the McGowan Labor Government has announced a $125 million Building Bonus package to ramp up activity in the residential building sector, stimulate the economy and support around 2,600 local jobs.

“This new WA jobs initiative will help drive economic activity in our local residential building industry, which is an important employer for thousands of Western Australians.”

Mark McGowan

What this package includes is $117 million for $20,000 Building Bonus grants and $8.2 million for the expansion of the 75 percent off-the-plan transfer duty rebate scheme.

The Building Bonus grants are open from June 4, 2020 until December 31, 2020 to any homebuyer who wishes to build a new house or purchase a new property in a single-tier development (such as a townhouse) prior to completion of construction.

This is on top of the grants announced by Scott Morrison.

So what this means for home builders?

This means those Western Australians who are eligible for the Commonwealth grant, could receive up to $45,000 for new residential builds.

Further to this, first home buyers will also be able to access the existing $10,000 First Home Owner Grant and first home buyer duty concession, meaning potentially up to a $69,440 benefit for Western Australian first home buyers.

“The grants are designed to give homebuyers confidence in the housing sector so we can build new homes, build up our economy and get Western Australians back on to worksites as soon as possible.”

Ben Wyatt

Unlike the federal announcement there is no cap to the value of the purchase price or value of the contract. The build however must take place on vacant land.

Further information on the Home Builder Grants can be found via wa.gov.au.

Time to start planning that dream home you have always wanted.