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But the new $25,000 grants is on top of existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
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Rules out granny flats .
A lot of people would have liked to build them .
If I am homebuilder myself from January this year, 70% done building it, am I eligible for it?
No
You are required to sign the building contract between June and December 2020
Depending on the reno, you're almost better to go owner builder if it's at 150000 or under. That 25000 will be eaten away quick in builders fees.
I am the Sales manager for one melbourne builder and the number of calls i received today is crazy.
It's a good thing for me though. :)
"• construction must commence within three months of the contract date."
Well fu&$ me… my land doesn't title till Q1 next year… so hows that going to work…
should be fine
Is it cynical to think builders will just sign up their families and friends to renovation "contacts" worth $150K, do minimal work, and cash in on this?
Given they have to pay tax on this 150k then no.
Double dip
Build house get grant, move in, extend the next day
Don't some states already get no stamp duty for first home buyers? I'd say 30-50k saving plus 25k is huge!
In SA we get nothing, I think it's up to 15k for new builds. I'd much rather save 35k on stamp duty and get a free 25k!
Tho, do people earning 100k or couples under 200k need help compared to a single income of 55k?
So many flaws, but I'm sure it'll benefit alot of people!
So, vic metro first home owners ($10k) + this new scheme ($25k) = $35k assistance for someone looking to build their first home? I saw its only valid until the end of the year, thats not long to find a parcel of land, buy it etc etc and then decide on a house style, do all the contract work etc etc
Why do they think $125,000+ / year is rich??
90% of Australians earn under 100k before tax. I think you need a wake up call on reality for most Australians.
90% of Australians earn under 100k before tax
90% of Australians declare earnings under $100k before tax you mean?
How else would they have $150k floating around.
Because it is.
Im a bit confused…. how many people out there have cash to do 150k rennovations, with a salary of <125k? surely the intersection there isnt very big.
I guess people who bought 'fixer upper'houses and factored that into their price? Especially with the property value limits.
You know it is the child of those who missed JobKeeper by $60bn.
Its that time of the decade where you must avoid tradies who answer your call with "Yes Brother!" or "Hello, This is Sam"
So much media hype for a fk all stimulus injection
Is there nothing else to this country other than property prices and tradies?
There is. Packers and Rineharts, Colesworth and the oil. That's about it.
Wonder if its easier to score a Sports Grant off of these fu<kers.
Imagine stacking a dodgy sports grant, first home builders grant, federal grant and dipping into 20k of your own super and combining that with the spare 150k laying around.
You would be G A M I N G the system bra!
Sad to see PRs left out.
We pay equal taxes.
Be glad that you are left out, this is just a rot to suck in remaining sheep’s.
I understand the sentiment of requiring building to start within 3 months. However if I was to buy an off the plan unit, I have no control over when they decide to build. So either it's already being built in which case why is the government subsidising the purchase, or I make a 25k gamble that they start when they say they will. This seems problematic.
I could have used this for an extension that we have been planning for a while, but the min 150k puts it in the over-capitalising bucket. A 3:1 grant, with say min 100k could have my project on the go.
Once the builders factor in the stimulus the new cost of your reno will be 150k
I could have used this for an extension that we have been planning for a while, but the min 150k puts it in the over-capitalising bucket. A 3:1 grant, with say min 100k could have had my project on the go.
So you need to spend $150k plus gst of $15k plus you need to take out builder home insurance for thousands $$$ to get $25k and meet all the rules on income and house valaues etc.
Pretty crappy deal. Non deal in my opinion especially when I.m renovating at the moment and spending this type of money.
Tradies only take cash so tthats not going help either.
Nothing much than an advertisement for Scumo. Liberal governments only give money to their lobby mates.
Who comes up with these idiotic policies? and why?
The land value getting taken into account for the new builds is a little BS… This scheme wont be doing much help to the construction industry anywhere within 50km of Sydney! We're due to start a build out at Oran Park in the next 2-3 months; already bought the land at $550k back in March. Not much of a house you can build for $200k to stay within the $750k eligibility. Our intention is a double story dwelling as well; so we're certainly out! The $25k would go a long, long way!
I thought maybe, for the first time ever, after years upon years of tax; we'd finally get something back from the government… Ruled out again!
Mate Dont go for 450 sq. + land. Get a small size land and build. I am confident enough that you can build home and land for less than $750K.
your neighbour
Gregory Hills
why is everyone talking abouit reno reno reno !!!!!
You can clearly see a benefit for the people who is trying to get into property market. YES THats free $25,000 !!!
Lots of people buying a property in south west, north west for less than $750,000. It is a win for them.
I wish i can get one.
I'm Aus Citizen, Wife is PR. Would we qualify? It says strictly for AU Citizens. Property in both our names.
I'm the same I'm PR and my partner is citizen, we were about to build but if this gets rejected because I'm PR,it seems quite harsh from the government
Agree. Very stupid indeed.
I don’t have $150k, however I am still on Pr. Applying for citizenship in January (I stupidly left it for 5 years and went overseas, so I also had to pay around $400 to get it extended!)
Same issue here, we were thinking about building with this grant + FHB for 45k but my partner isn't a citizen, its not very clear if we will be eligible.
get it in your name only
Scotty from marketing wanted to reassure Australia that he's trying to do something and introduce stimulus.
Smartly so though he's basically hung the housing market out to dry with such a terrible package. The reset is something that it desperately needs rather than endlessly propping up the inevitable to the detriment of Australia's future economy.
For once i support him in not caving into the developer's demands.
Oh and just wait for the car industry to start asking for handouts as well.
This was announced on my birthday and today I recieved an email that my land is close to being titled.
$25,000 grant and stacks with the $10,000 FHOG in Victoria. I'm so happy! Best birthday present ever!
I'm not sure if I should wait until I recieve the title before I start contacting builders, can anyone guide me?
Definately start looking around, working out what you want, and speaking with builders. It takes a long time to what out what you want. But don’t sign any contract or pay any money until your land is titled. Otherwise you run the risk of being stuck in a contract with a builder with associated time-based penalties, and also won’t have fixed price site costs.
Builders have already increased their prices by now.
Keep in mind you only have a 3 month timeframe to start construction once you sign the contract to be eligible. Very strict criteria for these grants
anyone knows whihc ASX benefit from this?
Brickworks. Selling a lot more bricks.
Any that do, would already have benefited within minutes of the first mention of this program. Once the announcement is live it's already too late to invest.
imnothappynow…. ><
I was having a chat to the sales counsultant for an apartment today and we both rolled our eyes at this plan.
The larger construction companies had no issues with work during this period and and the amount of new build houses for this to even be eligible is very very small. Like, it has to start today kind of small…
Hi all, just seeing if anyone knew if this is eligible for apartment buildings currently under construction? i.e. it would still be off the plan, but construction has commenced. Can't seem to find clear answer on this from the website
I also couldn't find much about the requirenments, but would u know if u also have to add 150k renovations yourself to get the grant?
I have purchased townhouse and contract date was 26/05. House is brand new and ready to move in. If I change contract date to 04/06, am I eligible for this grant?
We're a little bit over the 200k income threshold and planning a reno. Will an after tax super contribution reduce our taxable income below 200k so we can qualify?
Can't wait for all the builders to mark up their prices by $25k. Fantastic initiative /s