Silly question:
As a first home buyer i have an incentive to build a house on my purchased land. (A little bit of a bummer that all builders has marked up their prices).
Just wondering if you guys have further info regarding the federal grant:
- Is the $750000 inclusive of site works/stamp duty etc.? The land I have purchased is $450000 + approx 20000 for stamp duty. So i'm assuming the build will need to be less than $270000- $280000.
Cheers Billy
Have you had more enquiries Billy since this was announced?
It's increased some what but mainly false starts, it's only encouraged people to make decisions but has not really spurred a lot of new customers - for me anyway. To get the grant the requirements are very specific and I've been getting a lot of people not understanding that, thinking it's just a free $25k to upgrade their kitchen.
Thanks Billy.
(A little bit of a bummer that all builders has marked up their prices).
It's amazing that after the childcare subsidy the government still didn't expect that this was going to happen when everyone else saw it from a mile off.
Given the low duration of this scheme (6 months) I think their intention would have been to target people that are already in the process and coerce them into making a decision based on the quotes or information they already have. Because going from no land or house or no agreed house design to building onsite can be done but it is very very tight.
This is what confuses me with the timeline. Because the people that are almost into construction on their renovations (or already had them planned) would have already secured the money. So all this does is give the people who can afford renovations rebates, rather than enabling them to carry out renovations?
Or to target a certain seat which is going to a by-election within that time frame, and happens to have a large population within the income and house price range that this bribe grant targets
Given the low duration of this scheme (6 months) I think their intention would have been to target people that are already in the process and coerce them into making a decision based on the quotes or information they already have.
It is $688m that is never meant to be paid out. They just do a quick multiplication which will be wrong as JobKeeper. Then we will never hear about how much it fell short.
Lucky for those dodgy builders who will end up driving a top of the line HiLux / Ranger at the end of this. Short duration scheme, impossible to ramp up enough to get people onto it.
But then the big apartment building work site next to me has stopped work, they might have decided to stop work so everyone can get onto this scheme instead. Come back in 6 months to finish the building.
A little bit of a bummer that all builders has marked up their prices.
This ^ over here. Every time the government subsidises something, this happens. The benefit to the end-buyer ends up being very little. It firstly screws those who are not eligible, then when the subsidy is eventually removed, it screws it up for everyone else! It shits me so hard!
It is basically a "HiLux and Ranger Grant" it is just so that the government aren't handing out $25k cheques to builders without them appearing to be doing any work.
If the government had half a brain they could have just looked at who had taxable income of less than $35k in the last financial year tax returns and given those people $1000 per fortnight. ATO has their banking details. It ain't rocket science but it seems like they want to channel it through businesses (these businesses need their accountants to do the paperwork so they lose some money in the transfer and you have dodgy businesses etc).
Yep, more money for the builders and their mates.
Add to that the instant asset write-off, all I can say is ute beauty, mate!
Haven't been looking at the prices to compare, Op or anyone have seen how much they've been marked up by?
I've contacted a few. Ranges between 10k-30k+. Example: Ben Trager had a build for 252k in May, now it's 277k
Citizens only. Not permanent residents which is a shame.
Refer to attached fact sheets
https://treasury.gov.au/coronavirus/homebuilder
It will be based on the value of your contract which excludes stamp duty.
Both for land and house.