WA Building Bonus Grant Update
This week the WA Government has announced an extension to the time to commence building requirement for the $20,000 Building Bonus Grant. Applicants must now commence construction within 12 months of signing contracts.
Previously applicants were required to commence construction within 6 months of contracts being signed in order to be eligible for the Building Bonus, however concerns were raised within the industry that this was not long enough given the drastic increase in market activity and demand for construction services resulting from the grants.
All other original requirements, including that contracts must be signed before December 31, 2020, remain in place. You can find out more about the requirements for the Building Bonus Grant via our resource centre here.
What does this mean for you?
If you have already signed up and started the building adventure, this just means that you now have until December 31, 2021 to commence construction of your new home in order to be eligible for the $20,000 State Building Bonus Grant.
If you have not already started the building journey, this really is great news! With land becoming harder to find this extension accomodates for land with delayed titles, bringing those lots into the equation as options for those looking to take advantage of the Building Bonus.
Be aware, if you are also looking to apply for the $25,000 Federal Home Builder Grant, in order to be eligible you still need to satisfy the time to commence requirement of this Grant which is that construction commence within 3 months of contracts being signed. There is an option to apply for an extension of the 3 month requirement where construction has not commenced due to circumstances outside of the applicant's control, however there has been no guaranteed circumstances which will be granted an extension.
Let's Build WA
First Home Buyers Direct have been building homes in WA for over a decade. Our experienced consultants and friendly team put customer service and satisfaction at the heart of the building experience.
Contact us today to find out if you qualify to build your own home!
Posted by First Home Buyers Direct on 21 October 2020 | 0 comments
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