Australia markets open in 8 hours 14 minutes

    -17.80 (-0.23%)

    -0.0015 (-0.21%)
  • ASX 200

    -20.90 (-0.28%)
  • OIL

    -0.59 (-0.82%)
  • GOLD

    -6.70 (-0.38%)

    -2,190.90 (-3.11%)
  • CMC Crypto 200

    -29.51 (-2.26%)

$70,000 cash injection for first home-buyers

·2-min read
First home-buyers are laughing in this state. Source: Getty
First home-buyers are laughing in this state. Source: Getty

First home-buyers in Western Australia are set for a major cash injection after the state government confirmed first home-buyers would receive a further $20,000 bonus grant.

This is on top of the $25,000 offered by the federal government’s HomeBuilder scheme, the state’s existing $10,000 first home-owner grant and stamp duty concessions, which means some first home-buyers will pocket around $69,440.

The $20,000 Building Bonus Package will be paid to WA-based applicants who enter into a comprehensive home building contract to purchase a new home that is being constructed on vacant land between 4 June 2020 and 31 December 2020.

Construction must commence within 6 months of the contract being entered into.

“This new major housing package will provide a much-needed boost to WA’s economy,” Premier Mark McGowan said.

“It will provide a pipeline of work for WA building companies and local tradies like bricklayers, plumbers, carpenters and painters, as we recover from the COVID-19 pandemic,” McGowan said.

To be eligible, applicants must be the registered owner of the vacant land on which the home will be built.

The WA government also announced an additional $319 million social housing scheme, which is set to see 1500 homes refurbished and the construction of 250 new dwellings.

“This is designed to create jobs, to get confidence back, to make sure we get all those apprentices back on the job,” McGowan said.

“To make sure the housing sector doesn’t go into a valley of death at some point in the future.”

The grants will also be accessible to foreign, interstate and local investors.

Yahoo Finance Breakfast Club Episode 6. Source: Supplied
Yahoo Finance Breakfast Club Episode 6. Source: Supplied

Are you a millennial or Gen Z-er interested in joining a community where you can learn how to take control of your money? Join us at The Broke Millennials Club on Facebook!

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting