Published Thu 14 Jan 2021

Towards the end of last year, there were an array of new incentives for homebuyers announced by both the state and federal governments, including the extension of the Homebuilder Grant and the introduction of Stamp Duty Savings.

New Year New Homebuyer incentives at Warralily With multiple separate updates on these buyer incentives it makes it all a bit confusing. Here is a breakdown of all the incentives available for purchasers to help you breakdown what you may be eligible for when purchasing your new home at Warralily.

Homebuilder Grant

The Homebuilder Grant was extended for an additional 3 months with a few changes; however, you can still receive a generous $15,000 towards your new home in 2021. Homebuilder is available to all homeowners. You don’t need to be a first home buyer to receive the grant, you just need to ensure that the home you are building will be your principal place of residence. i.e. you intend to live there.
There are some terms and conditions around grant eligibility, so you need to ensure that you fulfill all of the eligibility criteria.
  • The Homebuilder Scheme is for owner occupiers. The scheme does not apply to investment properties.
  • You are an Australian Citizen, and you are 18 and over. No companies or family trusts will be accepted.
  • For new homes you must live in the home for at least 6 months after you settle on your home.
  • You meet one of the following two income caps: $125,000 per annum for an individual applicant based on your 2018-19 taxable income or later; or $200,000 per annum for a couple based on both 2018-19 taxable income or later.
  • Off the plan contracts like townhouses are eligible provided they meet the other requirements such as price and construction timeframes.
  • The cost of your build or off the plan contract must not exceed $850,000 (inclusive of GST).
  • No owner-builders are authorised, you must build with a registered builder.
  • You must sign a building contract between 1 January 2021 and 31 March 2021 and construction of the home must starts within six months of the date of the contract. E.g., if you signed a contract on the 1 st March 2021 your builder must start building by the 1 st September 2021.
  • The grant paid from the Homebuilder is tax free.
  • You must submit your application by 12 th April 2021.
Stamp Duty Savings.

Buying your first home? You may be eligible for a stamp duty exception. This means you pay no stamp duty which will save you thousands (up to $30,000) on your new home!    
Of course, there are eligibility requirements for the exemption.
  • You enter into a contract of sale to buy your first home after 1 July 2017 and before 30 th June 2021.
  • Your home has the dutiable value of $600,000 or less.
  • You fulfil the Frist Homebuyer Eligibility criteria
  • At Least on of the purchasers are an Australian Citizen
  • You must live in your new home for 12months from settlement.
  • The exemption is only available to you once.
If you are not a first homebuyer there is good news for you too. In November 2020, the Victorian State Government introduced stamp duty waivers of 50% on newly built or off-the-plan residential homes worth up to $1 million, for contracts entered into between 25 November 2020 and 30 June 2021 (inclusive). Again, your purchase must be for a residential dwelling.
The Stamp Duty Savings will give buyers a much needed boost when purchasing their next family home or investment. To find out how much you can save the State Revenue Office (SRO) have this handy calculator tool

First Home Buyer Grant and Low Deposit Scheme

If you are a first home buyer there has never been a better time to take that first step on the property ladder with so many incentives on offer. At Warralily, First Home buyers are entitled to a $20,000 First Home Buyer Grant as Geelong is part of regional Victoria.  Combined with the Homebuilder Grant that’s a whopping $35,000 in your pocket before you even apply stamp duty savings. The First Home Buyers Grant is available for first homebuyers who sign a contract before 30 June 2021 and of course meet some eligibility requirements.
  • The total value of the property must not exceed $750,000.
  • You and your partner must not have previously purchased a home in Australia.
  • One of the applicants must be a permanent Australian resident. You must live in the home for a period of 12months.
  • You are 18 or over.
  • Each applicant has entered into a contract for the purchase of a new home or signed a contract to build a home on or after 1 July 2017.
In 2020, the Australian Government introduced a First Home Loan Deposit Scheme (FHLDS) to support eligible first home buyers purchase a home sooner. Usually first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance,  which on a home valued at $550,000 can be as high as $23,000!
Under the Scheme, eligible first home buyers can purchase or build a new home with a deposit of as little as 5 per cent (lenders criteria apply). This is because NHFIC guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan, so basically the government is being your guarantor. 10,000 FHLDS places for the 2020-21 financial year are available specifically for eligible first home buyers building or purchasing new homes. There is a catch in that you do have to go with an approved lender however the are 27 lenders for you to choose from. You also need to be able to service the loan under that lenders borrowing criteria.
  • The total value of the property must not exceed $850,000 (for new homes only).
  • You and your partner must not have previously purchased a home in Australia.
  • You must be an Australian citizen; the scheme is not available to permanent residents.
  • You haven’t purchased a home before.
  • You are 18 or over.
  • You meet one of the following two income caps: $125,000 per annum for an individual applicant based on your 2018-19 taxable income or later; or $200,000 per annum for a couple based on both 2018-19 taxable income or later.
  • You have at least 5% deposit made up of genuine savings.
All applications for the First Home Loan Deposit Scheme need to be made directly with  one of the Scheme’s participating lenders  (or their authorised representatives, i.e. a mortgage broker).
With interest rates at their lowest and $15,000 tax free in your pocket plus Stamp Duty savings, or $35,000 for First Home Buyers*, there has never been a better time to buy a new home at Warralily.
For more information on purchasing your new home at Warralily contact Anna Kichakov on 1300 458 193 or register here .

*All effort has been made to provide accurate information; however, readers are encouraged to make their own enquiries and conduct their own research in relation to the grants and schemes featured above to determine their eligibility. For more information on the Homebuilder Grant, First Home Buyer Grant and Stamp Duty exceptions visit www.sro.vic.gov.au For the First Home Buyer Low Deposit Scheme visit https://www.nhfic.gov.au/what-we-do/fhlds/ or your chosen lender. 

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