There is no doubt everyone is waiting to see the full economic effects of COVID 19. With everyone asking is now a good time to buy property.
What lies ahead post COVID is yet to be determined, however most financial advice would echo that in terms of investment property is the safest.
Government Incentives
Those looking to enter the market now will be rewarded with access to two Government new homes incentives. The HomeBuilder and First Home Owner Grants which could save you up to $35,000 if eligibility criteria is met.
HomeBuilder Grant
The $25,000 HomeBuilder Grant is a Government scheme on offer to individuals who earned up to $125,000 last financial year (or in 2018/19) or couples who earned up to $200,000. To take advantage of this the purchasers must sign a contract to build a new home before the end of 2020. Recent updates mean that the original 3 month timeframe to start building has now been pushed out to 6 months of signing the contract. Simply you must have started commencement of excavation and site preparation works by June 2021.
First Home Owner Grant
Additionally, the First Home Owner Grant (FHOG) can add another $10,000 savings to your purchase, if you are buying or building a new home in metropolitan Melbourne. Its $20,000 for regional purchases. The home must be valued at $750,000 or less and be the first purchase of a primary residence. If you or a partner have received the FHOG previously or owned another home prior to 1 July 2000, you may not be eligible.
Interest rates are at record low levels due to the effects COVID 19 has had on the market. This means there is increased competition among home loan lenders and banks who are vying for home loan borrowers.
If you are in a position to buy, now might be the opportunity you have been waiting for.
The Accolade Sales Team can provide helpful guidance for new home buyers across all aspects of the building journey. The new estate located in Rockbank in Melbourne’s west has a range of house and land packages available with a 5% deposit. Call the team on 1300 268 629 to discuss your options.
