In a recent survey done by Allworth, we found out that 89% of responders were stressed about the state of the real estate market. With prices continually on the increase, its no wonder it seems harder to get a foot in the market! However, there are methods out there designed to help first home buyers and builders get started – if you know where to look.
So we wanted to let you know that if you’re looking to build a home, you may be eligible for a first home builders grant!
To assist first home buyers in getting a foot in the market, the NSW Government has introduced the First Home Owners Grant from the 1 July 2017. Also known as the new homes scheme, it means if you are looking to be a first-time home builder, this grant is for you!
If you are purchasing a new home, the cap for the grant is for homes with a value no more than $600,000. However if you’re planning on building a new home for the first time, the value cannot exceed $750,000. This also includes homes built from a knock down rebuild. The grant amount is $10,000.
For more information on if you are eligible for a first home builders grant, check out the NSW Government website page.
First Home buyers Assistance Scheme
Similarly, there are exemptions on buying a residential vacant block of land for the purpose of building a home. Eligible buyers will pay no duty on land up to the value of $350,000, and concessions will be made on land between the value of $350,000 and $450,000.
Check out the first home buyers assistance scheme for more info if you are looking at buying land.
If you’re ready to become a first home builder, have a look at our available house designs to kick-start your journey.