Grants up for grabs! Western Australia’s new $20,000 'Building Bonus' Scheme

Looking to make a fresh start in a new home? The Western Australian Government has recently announced a $117 million "Building Bonus" scheme.

Owner-occupiers, first home buyers and investors who build a new house could be eligible for this huge $20,000 grant! Here we take a look at what the scheme is and how home buyers can benefit.

What is the new Building Bonus scheme and who is eligible?

Under the "Building Bonus" scheme, WA homebuyers, both owner-occupiers and investors, who build a new house could be eligible for a $20,000 grant. 

Eligible applicants include those who enter into a contract to build a new home on vacant land OR who enter into an off-the-plan contract to purchase a new home as part of a single-tier development on a strata plan OR other land survey type. To find out further details visit wa.gov.au website for the most up to date information.

Key points

The scheme is not means-tested and there is no property value cap
You’ll need to act fast! It’s for contracts entered into between 4 June 2020 up until the end of the year
Potential to bundle up this $20k with the other Government grants
It’s for owner occupiers and investors - and some good news for those interstate, you don’t need to be living in WA to access the grant!

Looking to build in WA? Contact your local Mortgage Choice broker and see how we could make it work for you

I’m a first home buyer can I still access other grants? Yes! You could get up to $69,440!

Eligible WA first homebuyers will also be able to access both State and Commonwealth grants, the existing $10,000 First Home Owner Grant and the first home buyer transfer duty concession, meaning potentially up to $69,440 could be provided to WA first home buyers.

Sounds great - how can I find out more information about the scheme?

To find out further details about the Building Bonus scheme including information on properties that are eligible for the grant, when and out how to apply visit wa.gov.au website for the most up to date information.

Looking to build? Expert advice has never been more important.

If you're thinking of building a new home and looking to apply for a construction loan contact your local Mortgage Choice broker today. Whether you're a first time buyer or investor, your local Mortgage Choice broker can also help you throughout each stage of the process and make sure you get a solution that’s right for your needs. 

And, hopefully have you celebrating with friends and family sooner, as you make a fresh start in your new home!


Tb_eGuide_construction_225x317.png

Building your home guide

Building a brand new home or completing major renovations on an existing property are some of the most exciting projects we can undertake as home owners.


Download now