Browse Forums General Discussion 1 Mar 30, 2021 4:36 pm Hey all, We signed contracts for Vic land and to build in December 2020. Like many others, we have aimed to access the following gov incentives- **FHLDS/ new home guarantee (government goes as guarantor on loan even though we have just a fiver percent deposit. **Home builder grant (25k) towards build as contracts and process started in 2020 **Regional First home buyers grant (20k) These generous schemes have made it possible for us to start our journey up onto the property ladder, however there is a commencement timeframe of six months from contract to have the build start. Our land was expected to title in January. Items getting closer but still is yet to happen. Keeping in mind that titling, settlement takes time, then the builder needs to apply for permits etc before they can do anything, we are fast moving through that window of eligibility. It seems no one in the scheme, our lender, and even the state revenue office, is able to tell us what will happen if we do not commence within the timeframe. We have already been approved for the finance and the deposit scheme, but presumably as it is linked to the finance .. it could jeopardise the mortgage. Is anyone else on these schemes are starting to consider these questions? I don’t want to be cynical, but I can’t help but feel the government offered these incentives despite the criteria being unlikely to be achieved. Keen to hear from others Thanks Re: Government Incentives for first home buy/build 2Mar 30, 2021 8:44 pm Emma Leven It's already been extended Contracts had to be signed in December and then 6 months takes it to June 2021 Slab down and invoice payment to qualify Unfortunately you might just miss out HTH Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs Re: Government Incentives for first home buy/build 3Mar 31, 2021 6:34 pm Hey there, thanks for your response. Yes, our contracts were signed in December and although we are likely to miss out on the grants, the first home loan deposit scheme (new homes) allows lenders to approve mortgage applications with as little as 5% deposit. This also has a 6 month commencement timeframe. The implications of delay are not known given it’s a new scheme from late 2020, but presumably if we fall out of the eligibility because of the commencement, our unconditional finance (current signed mortgage) is also in jeopardy (they are interlinked at point of application). There must be so many people in this position, and if the delay is outside of anyones control, caused by backlog arising from the influx (because of the scheme), it seems overly punitive to then have our finance and scheme placement withdrawn (and cost us an extraordinary amount in lost money), for the sake of a 6-8 week delay arising in the council office and titling office. What is most confusing is that nobody seems to know what happens if and when that timeframe passes.. Re: Government Incentives for first home buy/build 4Mar 31, 2021 9:49 pm You still have a couple of months Start on DA and BA simultaneously I'm sure a lot will put down slabs in the dying weeks of June with or without approvals Cheers Chris Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs So it looks like we finally have some movement on site! Definitely later than expected, but I'll take any progress at this point. I'll drop by over the weekend to get… 5 29193 hi guys. Please be nice. First time home builder in Qld. I would like some feedback please on whether I should build my granny flat first before my main house at the… 0 4759 Looking at some of the designs on websites, they are all selling very similar products. I get that you want something stylish. It's worth looking for search terms like SaveH2O… 2 7081 |