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Government HomeBuilder grant a golden opportunity for new home buyers

The Federal Government has delivered a gift for home buyers, announcing a $25,000 grant to eligible purchasers, as well as property owners. The HomeBuilder grant will apply to new homes or substantial renovations of existing homes where the contract is entered into from 4 June 2020.

To access the grant, buyers are encouraged to secure their land – and must have a contract signed – by 31 December 2020. They must have commenced building within three months of signing contracts.

For first home buyers in Metro Melbourne, the grant can be combined with the Victorian Government’s First Home Owner Grant of $10,000 for new builds, a total of up to $35,000 towards a first purchase.

The grant is part of the HomeBuilder stimulus package, valued at $688 million, which aims to support the housing and construction sector recover from the economic effects of COVID-19.

Satterley’s General Manager for Victoria and Queensland, Jack Hoffmann applauded the measures, saying the new home grants would create a “golden opportunity” for purchasers and home owners, and were already having an effect on the market.

“Never have we seen this level of incentive in the marketplace and with interest rates so low, the timing couldn’t be better.

“Even over the weekend, just days after the announcement, we’ve noticed leads and enquiries have almost doubled in Victoria. This is a scheme that looks to have captured buyers’ interest.”

Hoffmann said that the scheme would not only provide enormous benefits for those looking to buy a home, but also workers employed in the construction industry.

“We’re delighted that this will help families get into homes – many of them the first homes they’ll own – sooner than they otherwise could have. We work closely with builders every day and we are thrilled that this package will protect the industry and tens of thousands of jobs.”

The grants, announced by the Government on Thursday, are available to those on a single income of up to $125,000 per year, or a family earning a total of up to $200,000 per year.

There will also be other restrictions. The value of a new property will be capped at $750,000 (including land).  A “substantial renovation” is defined as one valued at between $150,000 and $750,000 and is only eligible for existing properties that don’t exceed $1.5 million in value.   

The grant will only be available on titled land or land that will be titled in early 2021. Satterley has a range of lots available throughout Victoria that have titled or are due to title in the coming months.

Satterley anticipates that the HomeBuilder announcement will continue to create high demand and encourages purchasers to register their interest straight away for the community that interests them. You can choose between Arcadia in Officer, Botanical in Mickleham, True North in Greenvale and Habitat in Tarneit.  

More information on HomeBuilder, including eligibility, is being updated on the Federal Government’s Treasury Coronavirus Economic Response website.

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