How You Can Take Advantage of the Government’s New $25K HomeBuilder Boost

Jun 04, 2020

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 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 before the end of March 2021. 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. 

 

Woman gazing from rooftop pool at HOME by Caydon towards Melbourne CBD

Artist's impression: Rooftop Pool at HOME By Caydon

There are also eligible apartments in our recently released Due North project. Located in the hive of Preston South, live large in architecturally designed 1, 2 and 3 bedroom apartments. Splash, sweat and entertain on the rooftop, as you soak in the stunning Melbourne views from the pool, outdoor gym and entertainment booths with BBQs.

 

Due North Apartment 2 Bed Living with dog Render

Artist's impression: Apartment at Due North

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The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. We make no warranty as to the accuracy, completeness or reliability of the information, nor do we accept any liability or responsibility arising in any way from omissions or errors contained in the content. Caydon recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.