The HomeBuilder program, a $25,000 grant, is available to eligible owner-occupiers (including first-home buyers) wanting to substantially renovate their existing home or build a new home. This grant is tax-free and is available for contracts signed between June 4 2020 and 31 December 2020 with construction to commence within 3 months of the contract date. The government hopes that this will lead to between 25,000 and 30,000 new builds or significant renovations as they anticipate that the housing industry will go through a tough period following the economic fallout from COVID-19.
On January 1st 2020, the government rolled out their First Home Loan Deposit Scheme (FHLDS). This scheme is designed to help millennials buy a home sooner by removing the extra cost of Lender’s Mortgage Insurance (LMI).
Ten thousand borrowers will be eligible for the scheme this financial year with 3,000 spaces having already been taken. Another 10,000 spaces will become available from July 2020.
Buying your first home?
Seek Financial is here to help. Our home loan experts can guide you through the process from start to finish. We understand that it can be a little overwhelming – there’s a lot to think about and owning a home is potentially one of the largest investments you’ll make in your life. So we’ve put together seven things that we think you need to know.