We might already be halfway through 2020, but there’s still time for you to start your building journey with Hotondo Homes. With some absolutely amazing grants and offers available, this is the perfect time for first home buyers to take the leap and become home owners. From the HomeBuilder stimulus, stamp duty savings, the Victorian First Home Owner Grant and our First Home Buyers Headstart promotion, you won’t want to miss out! Read on for our summary of each below.
What is the HomeBuilder Stimulus?
The Federal Government’s newly announced HomeBuilder stimulus scheme is a win for those wanting to build a new home in Australia. The stimulus of $25,000 will be given to eligible owner-occupiers to spend on the construction of a new home when they enter into a building contract with a licenced builder between June 4, 2020 and December 31, 2020, with building work commencing within three months of the contract being signed. The scheme is designed to help both first home buyers enter the property market sooner and those looking at constructing a new home to live in. The stimulus will be means tested, with individuals earning over $125,000 a year and couples earning a combined $200,000 a year excluded. The construction of the new home will be capped at a value of $750,000, including the land. The scheme does not apply to investment properties or owners who intend to build a home on their own without the help of builders, however it is available in conjunction with the First Home Owner grant, those accessing the First Home Loan Deposit Scheme, and alongside our Headstart promotion.
Stamp Duty Savings and the First Home Owner Grant
The State Revenue Office in Victoria has abolished stamp duty for those buying a home for $600,000 or less. For homes purchased between $600,000 and $750,000 stamp duty has been tapered, so it increases slightly as the home’s value increases up to $750,000. If you buy off the plan, you’ll only pay stamp duty on the land the property is sitting on, so for land value of $300,000 stamp duty is currently set at $13,973. The First Home Owner Grant has been doubled in regional Victoria to $20,000, and is available to regional first home buyers of new homes valued up to $750,000. In metro areas of Victoria the grant is $10,000.
Hotondo Homes’ First Home Buyers Headstsart Promotion
Get a head start towards your first home with our First Home Buyers Headstart promotion! This offer is available to customers who pay an initial fee and sign a building contract with a Hotondo Homes builder to build a Hotondo Homes standard design or standard modified design from our Retreat Range of homes. The Headstart package provides over $10,000 worth of extras at no additional cost including:
– Customers can choose carpet from Choices Flooring and tiles from Beaumont Tiles throughout their home from the standard Hotondo Homes range.
– Coloured Concrete Driveway: make the exterior of your new home look perfect with a coloured concrete driveway and path when you select from our builder’s range of selected colours, with excavation cut up to 100mm included.
On top of this, clients will receive a Bunnings gift card with a whopping $500 on it to go shopping on us at the completion of their build when they receive the gift card at handover. Further terms and conditions apply to the First Home Buyers Headstart promotion.
If you want to build your first home in Victoria, there’s never been a better time! For regional Victorians, there’s a total benefit to you of just over $68,000, and for those building in a metro area, your total benefit is sitting at just over $59,000! To find your local builder and bring your dream home to life, or to learn more about our Headstart promotion visit the Hotondo Homes website today.
Hotondo Homes is not a registered financial advisory and therefore we recommend you speak to your financial advisor or mortgage broker to receive expert advice before entering into a real estate contract of sale.