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Heard about the Australian Government’s new HomeBuilder grant scheme, but not sure if you qualify or fully understand what it means for you?
To help, we’ve pulled together answers to some of the most frequently asked questions about the scheme, so you can work out if you qualify.
What is it?
HomeBuilder is a time-limited, tax-free grant program intended to help the residential construction market get through the Coronavirus pandemic. If you're building or renovating your home, you can receive a grant of $25,000 under the scheme.
Great news for Australians dreaming of buying their own home. The Federal Government’s new HomeBuilder scheme provides eligible owner-occupiers with a grant of $25,000 to build a new home or substantially renovate an existing home. This will be a welcome relief to many Australians and the country’s economy as it tries to navigate its way out of the current health crisis.
Here is an overview of the HomeBuilder grant –
City, suburb, north, south, east or west, so many decisions? When residents call Donnybrae home, you’re not only moving into a boutique community but you’re also moving into an area full of exciting change and will be surrounded by all of life’s essentials now and into the future.
Where to next? It’s important to establish your budget. When working out your budget, you’ll need to factor in extra costs such as conveyancing, taxes, duties and fees.
We recommend that you contact your bank or a mortgage broker to find the right type of loan to suit your needs. Once again, our team can help you out by recommending a mortgage broker who’ll be able to step you through the finance process and apply for a home loan.
One of the most frequently asked, and notoriously difficult to answer, questions regarding purchasing property is: ‘should I buy before selling my existing property, or should I sell my existing property first?’.
Quite simply, every situation is different, and we recommend you consult an independent financial advisor before making any binding decisions.
There are a few key considerations that can help inform your decision making.
Another option chosen by some purchasers is to keep their current home as an investment and upsize to something larger. This can provide financial benefits, however, we recommend you speak to your financial advisor about your options before making any decisions.
Here’s where our team is key! Our team have years of experience and have a unique understanding of how daunting the process can be. They’ll be with you every step of the way to make sure your dream of buying land and building the right home for right now is seamless.
Once you choose a block of land, you’ll need to pay an initial deposit to secure the land. The initial deposit is fully refundable and paid into a trust account. Once the initial deposit has been received a contract signing appointment will be made.
At your appointment, you will be required to sign an unconditional contract of sale and all parties whose name/s appear on your contract will need to attend, along with photo identification such as a Passport or Driver’s Licence.
The civil construction of each land release takes approximately 12 months. Before any machinery comes onsite, plans must be approved by the relevant authorities. Once these are approved, the construction phases would generally include: removing topsoil; laying of sewer, drainage, water and gas systems; kerb and channel installed; electrical and communications cabling laid; and the construction of footpaths and asphalting of roads.
With your land now selected, it’s time to choose a home design and builder. Before you start visiting builders and display villages, you need to think about the home that’s right for you now and into the immediate future. First and most importantly, work out a budget, from here you can decide on the home features that are essential, the number of bedrooms, bathrooms, living areas, garage space, etc. Once you have these sorted, it’s time to search the net, visit builders, walk through their displays and ask lots of questions.