When it comes to the new $25,000 HomeBuilder Grant…
We have had been inundated with enquiries and questions about the “HomeBuilder” stimulus grant and building a new home.
A lot of people we have spoken to were already considering building and realise it is time to finally “do it”. (And why not, the $25,000 HomeBuilder grant absolutely is a good reason to “do it”.)
There are also many who are only now considering building because of this wonderful opportunity.
However, quite a few people are telling us they just don’t really know where to start.
Regardless of where you are in the process, there are a few key considerations in relation to the HomeBuilder grant and building a new home.
Many lending institutions still haven’t determined their policy in regards to how this grant will be considered in finance applications.
Some may allow it to be part of a minimum deposit requirement; others won’t.
The Queensland Government is still to announce how and when this grant will be distributed. This will impact how lenders will treat it in relation to finance applications.
Knowing how much you can borrow is the best place to start. You really need to speak with a Lender or Mortgage Broker who can help you properly understand your position.
If you are relying on this grant to form part of your deposit, they may not be able to give you anything definite until the Qld Gov announces the final details of how they will manage this grant.
If you already have your deposit they will be able to advise you how to make the most of the grants available to you.
A pre-approval from a couple of months ago should be updated as a lot has changed in a short period of time with significant implications in relation to “jobkeeper” and “jobseeker”.
As mentioned earlier, you have until December 31 this year to enter into a contract to build a home.
The first thing to do is meet the lender or mortgage broker establish how much you are able to or are prepared to pay the house and the land combined.
Without this critical information you will end up going in circles falling in love with something only to find it is outside your budget, or not knowing if you can have certain things included in the home or not because you don’t know how much you can invest.
If you already have land or have secured a block that is fantastic. If not, our advice is to make a quick, but well informed, decision on land.
There are quite a few blocks of land for sale now, and more that will be available ready to build on before the end of March next year which is when construction must commence.
There is of course an increased demand for land with this grant and the land developers will not necessarily be able to meet that demand.
We receive regular updates from land developers on what blocks are currently available. We are also advised if any discounts/incentives apply to different blocks, and are also kept in the loop as to what land is coming onto the market in the near future.
Given the time considerations for the HomeBuilder Grant, this information is especially useful to you to ensure you can claim the grant.
You really DO need to take care. It is very easy to purchase a block of land and then not be able to build the home you want. Do your research first.
Things to consider when choosing land include:
We spend a lot of time with our clients helping with their decision on which block of land to purchase. We help you understand what impact your land purchase will have on the your choice of home design.
We can talk to you about:
Our display homes are a great place to spend time considering the best home design for you.
You might just fall in love with one of them and depending on your established budget simply decide that is right for you.
Or you will sit down with one of our New Home Consultants who will get an understanding of what is important in your home and will be able to recommend the best possible home that fits within your budget.
Building a new home does take a little time, so to make sure you’ve got all of your planning and contracts in place to claim the HomeBuilder grant, start the process now.
We would love the opportunity to see if we might be able to help you with building your new home.