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New Building Bonus Grants Announced for WA

Jun 16, 2020 | Accounting & Tax, Finance, Investments, Real Estate

Funding for building approvedWe recently provided clients with details of the Federal Government’s HomeBuilder Scheme which provides Grants of up to $25,000 for new home builds or renovations.

The WA State Government has now announced the introduction of two housing construction grants and an extension to the Off-the-Plan Duty Rebate Scheme.

The introduction of two $20,000 grants aim to promote investment in the WA residential market and stimulate jobs in the construction industry.

The grants will be paid 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 between 4 June 2020 and 31 December 2020.

An extension to the existing Off-the-Plan Duty Rebate Scheme has also been announced. The scheme now extends to contracts entered into between 4 June 2020 and 31 December 2020 for the purchase of a new unit or apartment, in a multi-tiered development, that is already under construction.

The grants and rebate scheme are available for owner-occupiers and investors, Australian-citizens and foreign persons, and natural persons, corporations and trustees.

The Government anticipates these offerings will provide incentive for those interested in a new home to play a key part in building our State. For example, it will provide incentive for FIFO workers to make the move to Western Australia and build a new home.

Here are the links to the WA Government website where you can find the full details of what is on offer:

New Home Construction Grant

Off-the-Plan Duty Rebate Scheme

Please note that these grants and the rebate scheme are different to the Federal Government’s HomeBuilder Scheme announced on 4 June 2020. Here is the link to our recent AAG HomeBuilder article and links.

If you’re considering building a new home or undertaking a significant renovation, please contact us at consulting@austasiagroup.com to assist you to review your eligibility for the various grants and rebates and to look into your finance options.

Jun 16, 2020