Browse Forums General Discussion Re: Government $40-50k stimulus rebate on new builds 41Jun 04, 2020 8:53 am The article says that the bank will confirm you last year's income when you apply for your loan. If you are only applying for building the house, and you already have the land and maybe a deposit, then you should be able to apply for up to 750K? Re: Government $40-50k stimulus rebate on new builds 43Jun 04, 2020 9:12 am Sparkyf The article says that the bank will confirm you last year's income when you apply for your loan. If you are only applying for building the house, and you already have the land and maybe a deposit, then you should be able to apply for up to 750K? Put up a tiny home, then 'renovate' to qualify Re: Government $40-50k stimulus rebate on new builds 44Jun 04, 2020 9:15 am I don't see how this protects the jobs of all in the building industry. The big guns would definitely make money but the smaller fish may lose out. 150K on renovations in big, rules out one off project trades. More than the builders, I see First Home Buyers making most of it, 25K over existing grants is great. Re: Government $40-50k stimulus rebate on new builds 45Jun 04, 2020 9:16 am Considering the prices of land in some areas, the land will be worth more than the house! What a joke! Re: Government $40-50k stimulus rebate on new builds 46Jun 04, 2020 9:35 am Seems poorly thought out. Why have $200k income but cap $750k. This rules out most established areas unless you building on tiny size block. We are planning to build next year and would consider bringing it forward, but land is Worth too much. Nothing extravagant, but ruled out anyway?? Re: Government $40-50k stimulus rebate on new builds 47Jun 04, 2020 9:56 am https://treasury.gov.au/sites/default/files/2020-06/Fact_sheet_HomeBuilder.pdf
https://treasury.gov.au/sites/default/files/2020-06/HomeBuilder_Frequently_asked_questions.pdf This release from Treasury indicates the $750K limit includes construction cost and land value. I don't think this is fair at all, but alas what can we do? Re: Government $40-50k stimulus rebate on new builds 48Jun 04, 2020 10:00 am thats actually messed up. You can knock down rebuild something up to 1.5 mill but cant build a new home for more then 750k Re: Government $40-50k stimulus rebate on new builds 49Jun 04, 2020 10:06 am Doesn't sound fair but i can see where they are coming from, If you can afford to build a home to the value of 1 million plus (with land)... whats 25k going to do.. tho they should have raised the cap higher than 750k (especially if you're in the Sydney housing market) Re: Government $40-50k stimulus rebate on new builds 51Jun 04, 2020 11:30 am Norfolk Surely the government has made an error with the cap of $750k for combined land and house? I think they might be following the same guide lines set out for other schemes such as the 5% deposit first home buyer ($700k cap NSW) and the First home buyers ($750k cap for house / land) Re: Government $40-50k stimulus rebate on new builds 52Jun 04, 2020 11:32 am It's a populist move, there will certainly be a surge in first home buyers buying off in the newer estates and new projects for the builders but unsure this would be of any help to an average consumer. Re: Government $40-50k stimulus rebate on new builds 53Jun 04, 2020 11:35 am In Victoria though, the FHOG is based on 750k for construction only (presuming not a package contract with land). Frustrating when the total build & land we are looking at will probably come to around 755-760k! Will need to see if we can trim anything else off... Re: Government $40-50k stimulus rebate on new builds 54Jun 04, 2020 11:40 am Mitchetto In Victoria though, the FHOG is based on 750k for construction only (presuming not a package contract with land). Frustrating when the total build & land we are looking at will probably come to around 755-760k! Will need to see if we can trim anything else off... Are you sure about that for Vic FHOG? Pretty sure its land + construction 750k limit as well? Re: Government $40-50k stimulus rebate on new builds 55Jun 04, 2020 11:51 am Hi TorquaySurfer, I originally thought the same! I actually reached out to the SRO for Victoria a few days ago, and got the following response: “ If your build contract and land contracts are separate, then we will only be basing the grant application off of your build contract, not the combined amount.” (For those glancing at the above quote without context, this is the FHOG, not the HomeBuilder grant) Re: Government $40-50k stimulus rebate on new builds 56Jun 04, 2020 11:55 am Mitchetto Hi TorquaySurfer, I originally thought the same! I actually reached out to the SRO for Victoria a few days ago, and got the following response: “ If your build contract and land contracts are separate, then we will only be basing the grant application off of your build contract, not the combined amount.” (For those glancing at the above quote without context, this is the FHOG, not the HomeBuilder grant) OMG really. That's great - I might try and get that in writing from the SRO as well hahaha Re: Government $40-50k stimulus rebate on new builds 57Jun 04, 2020 11:55 am None of our friends or colleagues or relatives are eligible. I wonder who will meet those criteria Re: Government $40-50k stimulus rebate on new builds 58Jun 04, 2020 12:07 pm I have a suggestion too! The Homebuilder site says that if you have a house and land valued at less than $1.5M, you can demolish the house and rebuild one up to the $750K (as this is counted as a substantial renovation), and be entitled to the grant. But if the land is vacant to start with, then the house AND land must be less than $750K. So owning a block of land worth $400K, you can only build a $350K house on it. But let's say I build a shed. Now it is still worth less than $1.5M. I demolish the shed, and build a house to the value of $750K (as a substantial renovation, is it not?). Isn't that how it works? What do I need in a shed to classify it as a house (on paper)? Re: Government $40-50k stimulus rebate on new builds 59Jun 04, 2020 12:08 pm firstdream None of our friends or colleagues or relatives are eligible. I wonder who will meet those criteria Not us either! Re: Government $40-50k stimulus rebate on new builds 60Jun 04, 2020 12:09 pm Mitchetto Hi TorquaySurfer, I originally thought the same! I actually reached out to the SRO for Victoria a few days ago, and got the following response: “ If your build contract and land contracts are separate, then we will only be basing the grant application off of your build contract, not the combined amount.” (For those glancing at the above quote without context, this is the FHOG, not the HomeBuilder grant) This is similar to NSW if you purchase a house and land package, you are limited to 650K however if you build house and land contract separately the cap increases to 750K Hi, We are looking for a builder that can build a small home (smaller length) on a sloping site. We came across Mojo's Zephyr design 10.6 m wide and 11.5 m length. Does… 0 23017 A person needs to be licensed to offer financial advice. Surely the accountant you use would have been chosen for his/her expertise in this field. Have you asked your… 1 6733 |