State and Federal Packages

State and Federal Packages
12 June 2020

Exciting news for anyone looking to build their dream home in the next 6 months!

Both the Federal & State Government have announced stimulus packages to support the housing and construction industry recovers from the economic effect of COVID-19.

The Western Australian Government Building Bonus Package of $20,000 will provide all eligible owner-occupiers (not just first home buyers) who sign a building contract between 4 June 2020 until 31 December 2020.

Important information for the State Package:

  • Available to natural persons, corporations and trustees;
  • Available to first and next home buyers;
  • Available to investors (you don’t need to live in the home);
  • Available to Australian Citizens and foreign persons;
  • Construction must commence within 6 months of building contracts being signed;
  • Building contracts must be signed between 4 Jun 2020 – 31 Dec 2020; and
  • Not means-tested;

The Federal grant of $25,000 is available for eligible owner-occupiers.

Important information for the Federal Package:

  • Available to first and next home buyers;
  • Available to Australian Citizens only;
  • The home must be your principal place of residence;
  • Building contracts need to be entered into between 4 Jun 2020 and 31 Dec 2020;
  • Income thresholds are $125,000 for individuals or $200,000 for couples based on FY19 or later;
  • Construction must commence within three months of the contract date; and
  • A threshold of $750,000 for the cost of the new home (including land)

Visit the Western Australian Government website and The Australian Government website for more details.

You also might be eligible for the First Home Owners Grant (FHOG) worth $10,000. Visit the Western Australian Government website to see if you’re eligible or for more information.

Now is the time to buy your dream lot! Contact our Sales & Marketing Manager, Rod Wright on 0407 945 834 or sales@rnoble.com.au.

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