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Following the Reserve Bank of Australia's announcement on Tuesday 3 May, we have released information on interest rate changes. View details
As an eligible home buyer, builder, or renovator you could receive up to $55,000 in state and federal grants, and pay as little as a 5% deposit to get started.
HomeBuilder grant (national scheme)
Amount: $25,000
Expiry: 31 December 2020
HomeBuilder grants are available for people who enter into a contract to build a new home or undertake substantial renovations to their existing home.
Key features:
- Available for owner occupiers only.
- For building new homes, or
- Substantial renovations to existing homes (between $150K to $750K).
Main criteria:
- Construction to commence within three months of entering contract.
- Contract must be entered into between 4th June - 31st December 2020.
- Australian citizens only.
- Income cap applies - singles $125K and couples $200K.
- When building a new home, the total value must remain under $750K.
- When renovating an existing home, the total value must remain under $1.5M (excludes granny flats, swimming pools, tennis courts and any structures not connected to property).
More information, including full eligibility criteria is available on the Australian Government Treasury website.
Building Bonus grant (WA scheme)
Amount: $20,000
Expiry: Extended - construction to be commenced 12 months from date of the contract, up until 31 December 2021.
Building Bonus grants are available for people who enter into a contract to build a new home on vacant land or purchase a new home being constructed under a single-tier development on a strata plan or other land survey type.
Key features:
- Available for owner occupiers and investment properties.
- For building new homes on vacant land, or
- Purchasing off-the-plan as part of single tier development.
Main criteria:
- Construction to commence within six months of entering contract.
- Contract must be entered into between 4th June - 31st December 2020.
- Residential purpose only (no commercial).
- No income caps.
- No price caps.
More information, including full eligibility criteria is available on the WA Government grants website.
First Home Owners Grant (WA scheme)
Amount: $10,000
Expiry: TBC
The first home owner grant (FHOG) is a payment to assist first home buyers to buy or build a new (or substantially renovated) residential property for use as your principal place of residence.
Key features:
- Available for first home buyers.
- For building new homes on vacant land, or
- Purchasing an off-the-plan apartment.
Main criteria:
- Residential purpose only (no commercial).
- Applicants and/or their spouses or de facto partners cannot have previously received the grant or owned residential property anywhere in Australia before 1 July 2000.
- Must be your principal place of residence for six months.
- Maximum property value of $750K (or $1M north of the 26th parallel).
- No income caps.
More information, including full eligibility criteria is available on the Department of Finance website.
Did you know as a first home buyer you may be able to get started with just a 5% deposit?
The First Home Loan Deposit Scheme New Home Guarantee is an Australian Government initiative to support eligible first home buyers purchase a home sooner. It does this by providing a guarantee that will allow eligible first home buyers to purchase a home with a deposit of as little as 5% without needing to pay for Lenders Mortgage Insurance (LMI)..