One of the biggest challenges with purchasing a new home or covering the costs of that expensive renovation you’ve been dreaming about is putting aside enough money each pay to kick-start your savings and make your dream a reality.
If you were to put aside $500 every week, which is no easy feat for most of us, this would add up to $52,000 over two years. The great news is, with a combination of multiple government grants you could be entitled to up to $55,000 to put towards your dream home.
Better yet, if you’re an eligible first home buyer you may only need a 5% deposit to get started and be able to skip paying the expensive lenders mortgage insurance (LMI) costs.
Whether you’re a first home buyer ready to take the leap into home ownership, or looking to revitalise your home with a renovation, it’s worth taking a look at the grant options available to you.
HomeBuilder grant (national)
The Australian Government is offering a $25,000 HomeBuilder grant to people who enter into a contract to build a new home or undertake substantial renovations to their existing home.
If $25,000 isn’t going to be enough for that new kitchen, bathroom, or outdoor living space you’ve been planning, did you know that, depending on your circumstances, you might also be able to tap into the equity in your home and borrow against this to complete your home renovations? Even with Perth’s flat property market, because our valuation is based on the complete renovation you may have potential equity you’re not even aware of!
Though this is not one to procrastinate on, as the government has only made this available for a limited time. To find out more read our building grants information page.
Building Bonus grant (WA)
If you’ve bought property before and are either wanting to upgrade or get back into the property market, saving can be just as difficult as the first time you bought. For us lucky enough to live in WA, the state government is offering a Building Bonus grants of $20,000 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.
Similar to the HomeBuilder grant, the Building Bonus state grant is only on offer for a limited time. Find out more by visiting our building grants information page.
First Home Owners Grant (WA)
First home buyers, it is time to rejoice! The $10,000 first home owners grant (FHOG) which assists first home buyers to buy or build a new, or substantially renovated, residential property isn’t going anywhere. Where the news gets better is that first home buyers can combine multiple grants. As long as you fit the eligibility criteria, you could combine the HomeBuilder, Building Bonus and FHOG together for a very healthy sum of $55,000 – wiping years off your savings plan.
To learn about the grants available, visit our building grants information page.
First Home Loan Deposit Scheme (national)
The Australian Government recently announced 10,000 new places have been available under their First Home Loan Deposit Scheme (FHLDS) to support eligible first home buyers purchase a home sooner. The scheme provides a guarantee that allows eligible first home buyers to purchase a home with a deposit of as little as 5%, without needing to pay for Lenders Mortgage Insurance.
P&N Bank are the only provider of the First Home Loan Deposit Scheme in WA, so we’re here to help if you have any questions.
For more information on the key features and criteria for the grants currently available, visit our building grants information page.
Alternatively, speak to one of our friendly and knowledgeable Home Lending Consultants can assist you at one of our branches, over the phone on 13 25 77, or they can even come to you anywhere anytime within the Perth metro area.
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