If you’re looking to build a new home, there is no better time to do it than 2021. With the start of a new year, comes the Government’s announcement of an extension to the HomeBuilder Grant to 31st March 2021. If you’re not eligible for the HomeBuilder Grant, there are other government initiatives to help you build your first home in the new year. We look at current grants and concessions to help you move into your home sooner and with ease.
First Home Owners’ Grant
The Queensland First Homeowner’s Grant was introduced in July 2000 to offset the effect of the GST on home ownership. First home buyers who choose to buy off the plan or choose to build are eligible to receive $15,000 towards buying or building your new house, unit or townhouse which is valued at less than $750,000. The grant is applicable for owners who intend to move into the new home as their principal place of residence within 1 year of completion and must live there continuously for 6 months. To find out if you’re eligible for the First Home Owner’s Grant and to apply click here.
Home Builder Grant
Introduced as part of the Government’s economic recovery plan amid the COVID-19 crisis, the HomeBuilder scheme has been extended to 31st March 2021. The HomeBuilder scheme is eligible to owner-occupiers including first home buyers, with a grant to build a new home. A $15,000 grant will be available for building contracts signed between 1st January 2021 to 31st March 2021 for homes under $750,000. To find out more about the changes to the HomeBuilder Grant and to see if you’re eligible, click here.
Stamp Duty Concession
As a first home owner, you can claim a concession for stamp duty if your home is valued under $550,000. Transfer duty (commonly known as stamp duty) applies whenever you sell, buy or transfer property in Queensland. With savings of up to $15,925, it’s worth seeing if you’re eligible for the Government’s stamp duty concession. Click here to find out more.
Queensland Housing Finance Loan
The Queensland Housing Finance Loan aims to assist residents who can afford to buy or build a home but cannot get private finance from a bank or building society. The loan can be used to build a house or purchase an existing property. You must be living in QLD and be a citizen or permanent resident of Australia and not own or part-own another property. To see if you’re eligible, click here.
If you’re ready to build your first home, there is plenty of assistance available to make it a reality. Once you’ve checked your eligibility for the Government’s available grants, visit one of our display homes and find a home design to suit your needs.