The West Australian Government has unveiled a $125 million stimulus package for the state’s home building sector, providing cash grants to prospective homebuyers.
- Owner-occupiers and investors will receive a $20,000 grant for new homes
- An existing stamp duty rebate has been extended to unsold apartments
- A social housing package is expected to support 1,700 jobs across WA
Under the $117 million “Building Bonus” scheme, WA homebuyers — both owner-occupiers and investors — who build a new house will be eligible for a $20,000 grant.
Homebuyers who purchase a property in a single-storey development which is already under construction — such as a townhouse development — may also apply for the grant.
The scheme will not be means tested and there will be no property value caps.
The WA grant means new homebuyers who meet income criteria for the federal package could receive $45,000 in government assistance.
That figure rises to $69,440 if the buyer is a first home owner and eligible for the existing $10,000 first home owner grant and stamp duty concession.
As part of its new package, the Government will also extend a 75 per cent stamp duty rebate — a stimulus introduced last year for off-the-plan apartments — to include apartment projects currently under construction.
This rebate — capped at $25,000 — will only be available to owner-occupiers.
The $8.2 million rebate extension brings the total value of the government’s housing package to just over $125 million.
The “Building Bonus” scheme will run for just over six months, with grants available until December 31, 2020.
The introduction of two $20,000 grants aim to promote investment in the WA residential market and stimulate jobs in the construction industry.
The grants will be paid to eligible applicants who
- enter into a contract to build a new home on vacant land or
- enter into an off-the-plan contract to purchase a new home as part of a single-tier strata scheme between 4 June 2020 and 31 December 2020.
An extension to the existing off-the-plan duty rebate scheme has also been announced. The scheme now extends to contracts entered into between 4 June 2020 and 31 December 2020 for the purchase of a new unit or apartment, in a multi-tiered development, that is already under construction.
These grants and the rebate scheme are different to the Commonwealth Government’s HomeBuilder scheme announced on 4 June 2020.
Source from https://www.wa.gov.au/