In the latest budget the government announced several avenues of opportunity to apply for grants or subsidies. We have summed up the grants and how they can be utilised. Here are the top 4 support services for home ownership/ building!
The Home Builder grant that the government made available last budget was available for application between 4 June 2020 and (ultimately) 14 April 2021. But construction had to commence within 6 months.
Over 120,000 people took advantage of it, and the grant gave them a cash injection of either $25,000 or $15,000 to build a new home (up to $750,000) or make substantial renovations ($150,000 - $750,000).
On 29 November 2020 the building period was extended to 18 months – a big relief to all involved, as construction had a boom which resulted in supplies, and tradies couldn’t meet the demand.
Under the budget, the government is providing a further 10,000 places under the New Home Guarantee in 2021/22, specifically for first home buyers seeking to build a new home or purchase a newly built home with a deposit of as little as 5%.
There is also a pathway to home ownership to support single parents with dependants, regardless of having owned a home. From 1 July 2021, 10,000 guarantees will be available for 4 years to eligible single parents with dependants to build a new home or purchase an existing home with a deposit of as little as 2%.
Finally, there is the First Home Super Saver Scheme. From 1 July 2022, the government will increase the maximum amount of voluntary contributions that can be released under the First Home Super Saver Scheme from $30,000 to $50,000.
Take advantage of this!