The Federal Government has announced yet another benefit to buying off the plan, offering a $25K bonus to those who purchase a property before construction starts.
The limited-time HomeBuilder scheme will provide eligible buyers with a $25,000 grant to help build their new home, bolstering the already sizeable list of benefits associated with buying property off the plan.
Here’s what else you need to know: if you’re buying by yourself, you’ll need to earn less than $125,000 a year to access the HomeBuilder boost. And if you’re buying as a couple, your combined income needs to be less than $200,000 a year.
Additionally, the value of the property must not exceed $750,000. The property must be your primary place of residence, however, it doesn’t have to be your first home; next home buyers are eligible, too.
That said, if you are a first home buyer, you can combine the $25,000 HomeBuilder boost with the $10,000 First Home Owner Grant, effectively saving you $35,000. Not to mention first home buyers in Victoria have access to stamp duty concessions and exemptions that could also save you thousands more depending on the value of your first home.
Finally, your contract must be signed between 4 June 2020 and 31 December 2020, and construction must commence within three months of the contract date. Architecturally-designed HOME By Caydon ticks all the boxes; located just 6.5km northeast of Melbourne’s CBD in leafy Alphington, and set to begin construction this July.
Artist's Impression: Rooftop Pool at HOME By Caydon.
Upcoming Caydon projects may also qualify for the HomeBuilder scheme, as long as construction falls within the above timeframes. Sign up to our newsletter to stay in the loop and be the first to hear when new projects are launched.