12 Mar Government Grants Available to Help You Build Your Dream Home in 2021
If you are looking to build a new home, your dream could become a reality sooner rather than later with the help of a couple of Government schemes that provide financial assistance or concessions to eligible applicants. Elliott Hardie is one of the leading Canberra builders, dedicated to building high quality, custom designed homes to perfectly suit the needs of each individual client. While there are a number of government grants available for first home buyers at both the national and state level, many people wanting to buy or build a new home have a lack of awareness about these programs.
Introduced in June 2020 as part of the COVID-19 economic recovery plan, HomeBuilder is a Commonwealth grants program administered by the ACT Revenue Office (ACTRO). The HomeBuilder scheme has been extended to 31st March 2021 and is available to owner-occupiers, including first home buyers. The $15,000 grant is now available for building contracts signed between 1st January 2021 to 31st March 2021. Construction does not need to commence prior to 31st March 2021, however, it must commence within six months of the contract date and construction must not have commenced before 4th June 2020. To be eligible for the HomeBuilder grant, the property price must not exceed $750,000 and it must be your principal place of residence after completion.
Home Buyers Concession Scheme
The ACT replaced the First Home Owners Grant with the Home Buyers Concession Scheme. Under this scheme, home buyers will not pay stamp duty on a house or land purchase, subject to the following eligibility criteria:
- All buyers must be 18 years of age or above
- The total gross income (before tax), including the partners (if any) must not be greater than the stipulated income threshold
- All buyers including their partners (if any) must not have owned any other property in the last two years
- At least one buyer must live in the home continuously for at least one year, starting within 12 months of settlement or completion of construction
Under the Home Buyers Concession Scheme, you can purchase vacant residential land, new or established properties, anywhere in the ACT and at any price.
How Do I Apply for These Government Grants/Schemes?
These grants and concessions are not automatic and there are forms that are required to be completed for each scheme. To start, you need to make sure that you meet the eligibility requirements of the scheme you wish to apply for. Each program has slightly different requirements so take the time to ensure you tick all of the boxes. Usually you can apply for the government schemes and grants at the same time you apply for a home loan, and most lenders will apply for the grant on your behalf once a formal home loan approval is granted, and you have signed the relevant application/declaration.
Now is the time to take advantage of the support available and start the process of building your new home! If you are looking for experienced Canberra builders to guide you through the entire building process and deliver a well-designed and impeccably finished home to suit your lifestyle and budget, get in touch with the team at Elliott Hardie today. Contact us online now or call 0479 106 944 today.