For boosting the Construction sector, the Australian Government is giving $25,000 for new-builds registered from June, 04th to December, 31st. 

The interesting fact is that this benefit can be combined with the First Home Owners Grant. In Victoria, FHOG starts at $10,000 and can include additional Stamp Duty exemptions, which may give you further up to $30,000 in savings.

How do I know if I am eligible for both of these grants? 

These grants will be distributed by each state, so you may want to have a look at your state requirements individually. 

FHOG and HomeBuilders Grants have different requirements. To qualify for both grants on the same property in Victoria, you must fulfil the requirements below:

If you replied yes for all these criteria, you may also be eligible to First Home Loan Deposit Scheme, which means that you might be able to build your house with only 5% deposit.

Key facts:

• Your building contract must be signed until 31 December 2020.

• The construction must start within 3 months of the contract date.

• If your property has a dutiable value of $600,000 or less, you are entitled to full stamp duty exemption. From $600,001 to $750,000, you will receive partial stamp duty concession.

When will I get these benefits? 

Once the land is settled, the first benefit will be Stamp Duty exemption. You won't receive money, but you won't have to pay approx. 5% of your property value in taxes.

If you are eligible for both the grants, it is likely that you will receive them together. Usually, FHOG is paid for new-build homes is paid when the slab is laid.

First Home Owners Grant is processed fast! Once the application is received, it normally takes around 5 days. 

This timeline will help you understand the journey step by step considering a new-built home:

How much do I need to get started?

It depends on what type of house do you want to build, the location and, most importantly, what is your goal. The minimum would be 5% of the total property price, which means that you can get started with as minimum as $25,000.

At SONI, we not only specialise in property purchase and management but also can assist you through the entire process starting from selecting the property to settlement, including finance.

Our network of accountants, brokers, property lawyers and experienced builders will help you navigate the process and take the stress out, so you can enjoy it. 

Talk to our specialists now and own your first home sooner.