If the HomeBuilder scheme was not enough good news, our WA government has now introduced two additional grants of $20,000 to promote investment in the WA market and stimulate jobs in the construction industry. For details on how to apply for these incentives, visit the WA Government website.
Although with some similarities to the HomeBuilder scheme, the WA New Home Construction Grant comes with its own rules and nuances.
The Building Bonus Package grant of $20,000 will be available to eligible applicants who:
· Enter into a contract to build a new home on vacant land, or
· Enter into an off-the-plan contract to purchase a new home as part of a single-tier strata scheme.
As opposed to the HomeBuilder grant, WA incentive is not income tested, and there are no caps on the value of the property purchased.
To receive the grant, building contract must be entered into between 4 June 2020 and 31 December 2020, with construction commencing within six months of contract signing.
You must apply for the grant by 30 June 2021.
Multiple grants can be paid to the same applicant on transactions that meet the criteria for each grant.