Are you ready to take the next step on your journey from renting to homeownership? The new federal HomeBuilder scheme, paired with grants and incentives on offer, has provided a unique opportunity for Australian renters.
Sponsored by Start Point Homes
For many long-term renters, the goal of homeownership can always feel slightly out of reach. The HomeBuilder scheme could help you take the leap towards owning your own home (and potentially save tens of thousands of dollars in the process).
Across Australia, many renters are looking to gain a sense of freedom and stability in their own home. For some, the opportunity to set down roots in a community and customise their own home with features that reflect their style is a big drawcard. For others, the chance to make the switch from regular rental payments to mortgage repayments from the comfort of their own home is too good to miss.
Fortunately, your hard-earned, exemplary tenant record and history of paying rent on time bodes well when it comes time to secure finance.
In the wake of the COVID-19 crisis, the Federal Government launched the HomeBuilder scheme in a bid to assist homebuyers, renovators, and the construction sector. Under the scheme, $25k payments will support those entering a new build or renovation contract before the end of 2020. This will help to bring the prospect of homeownership closer for renters who are looking forward to the next step in their home journey.
What does the HomeBuilder scheme mean for me?
As a renter, it’s easy to feel inundated and a little overwhelmed by the announcements of various building schemes and grants. Whether you heard about HomeBuilder through the news, family, friends or even this article, you might have questions:
- Am I eligible?
- Can the different government grants be used together?
- What can these grants go towards?
Thankfully, you don’t have to navigate these burning questions alone. The homeownership experts at Start Point Homes, backed by leading homebuilder Simonds Homes, are ready to guide and support you through securing finance, navigating government assistance, and then finding a house and lands that integrates seamlessly into your unique lifestyle.
Simonds Homes, chief strategy officer, Troy Gorton said the recent federal grant would most benefit people looking to take the plunge into the housing market. “The $25k payment from the Federal Government can be combined with the first home-owner grants and the stamp duty/land transfer concessions offered in each state,” he said. “This could potentially provide you with significant cost savings if you’re looking to buy your first home.”
Am I eligible for the $25k HomeBuilder scheme?
If the scheme sounds like it could work for you, you must meet the following eligibility criteria:
- You must be an ‘owner-occupier’ – the grant does not apply for investment properties
- The new home must be valued at less than $750k (including land)
- Renovations must be valued at more than $150k and under $750k. The home must have also been previously valued at under $1.5 million
- Single buyers can have an income of up to $125k
- Couples must have a combined income of up to $200k
- Construction works must commence within three months of contract signing
How can Start Point Homes help me with the grants?
Along with the HomeBuilder scheme, Start Point’s homeownership experts can help you navigate:
- The First Home Loan Deposit Scheme;
- First Home Super Saver Scheme;
- The varying state First Home-Owner grants; and
- The reduced stamp duty for eligible first home buyers offered in various states.
Understandably, transitioning from renting to homeownership may pose as a daunting leap. But exploring the various incentives and grants on offer with Start Point’s homeownership experts is one of the first steps you can take to secure a life-long investment and achieve your homeownership dream.
Do you have questions about HomeBuilder? Head to Start Point Homes’ website or Facebook page for information on where to start and how to get ahead in your homeownership journey.
Disclaimer: *Start Point and Simonds Homes do not determine the eligibility of customers for government buyer assistance programs. To qualify for government buyer assistance programs, customers must meet the eligibility requirements of the relevant agency and apply through an approved agent or the relevant agency.