For many, the idea of owning a home in Melbourne seems like a distant dream – the cost, process and very thought of it all seems beyond them and as a result, the easy convenience of renting remains at the fore.
Yet, it’s far easier than it’s made it out to be. Thanks to the Australian government’s HomeBuilder Grant announced in June, achieving that first-home owners’ dream just got a lot easier. For those of us stuck in a seemingly-perpetual loop of paying rent, or living at home with the ‘rents, the government’s grant offers a fantastic opportunity.
The new initiative offers a $25,000 tax-free grant to eligible owner-occupiers, including first-home buyers, to build a new home, substantially renovate an existing home or buy an off-the-plan/new home. It’s a substantial sum of money, which can go a long way to helping you achieve lifelong security, and as we look at the present reality and the ongoing uncertainty that surrounds it, this opportunity holds even more weight.
“Woah, hold up!” you say, “I can’t buy a house! How can I afford the deposits, mortgages and other payments that go along with it? And by the way, we’re in a global pandemic.”
That’s all fair enough, but let me tell you something you don’t know: you don’t have to be cashed up to buy a house. The HomeBuilder Grant comes alongside many other schemes helping young people get their feet in their very own front doors. That includes existing state and territory First Home Owner Grant programs, stamp duty concessions, as well as the First Home Loan Deposit and First Home Super Saver Schemes. That’s a lot of schemes and grants, and you can be eligible for more than one of these.
In fact, if you were to combine the HomeBuilder Grant with the First Home Owner Grant, depending on location you could be eligible for $45,000 of assistance to go towards that new home.
On top of this, first-home buyer specialists, Homebuyers Centre, are jumping in with their own sweet offer. They’re currently holding a competition offering one prospective home owner the equivalent of one year’s rent to go towards their new home. That’s a $20,000 discount as part of their ‘Win a Year’s worth of Rent’ competition.
Homebuyers Centre have become leading builders and advisors for aspiring home owners. They make the process of buying a home stress and hassle-free via their easy three-step process. First off, Homebuyers Centre offer financial advice to help prospective home owners find a home loan that fits their lifestyle and budget. From there, Homebuyers Centre help the home owner find the most suitable block of land for them before then deciding on the home that suits that block and the budget available.
Pair the HomeBuilder Grant with Homebuyer’s ‘Win a Year’s worth of Rent’ giveaway and it’s an opportunity of a lifetime.
To be eligible for the Homebuilder Grant, you just have to be 18 years old or over, and an Australian citizen. The income threshold is capped at $125,000 per annum for individuals, and just $200,000 combined for couples.
You’ll need to complete an agreement with a licensed or registered builder between now and December 31, 2020. Usually, construction would need to commence within three months of the signing to solidify your grant, but Victorians have just received a further three-month extension on that. That means you’ll have a full six months after the contract is signed for construction of your new dream abode to commence.
And that’s it! In these wild times where uncertainty has come to underwrite our very existence, one thing is for certain, that dream of owning your own home is a lot closer than you thought.
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