Why wait for something you can have today? Pre-July stamp duty is refundable to first home owners!
From July 1st 2017, first home owners choosing to build in regional Victoria will be eligible for a $20,000 first home owners grant. This cements a life changing opportunity for first home buyers to have more lifestyle for less. If there was ever a doubt that you are better off building a house rather than buying an existing home, then doubt no more. It’s official, building puts you a big step ahead.
Rather than wait until the 1st of July when it’s anticipated prices could rise, why not buy your block now and spend the next 3 months planning in preparation to sign your building contract on July 1, at which point you’ll be eligible for the big ticket $20,000 first home owners grant! If you look at the sales updates you’ll see that titled land is in limited supply. You don’t want July 1 to come and find you’ve missed out on your best block.
So, what’s to the go?
Well, the good news is that those who are eligible for the first home owners grant of $20,000 from July 1st will be able to claim the stamp duty they’ve paid on the purchase of their block of land prior to July 1st. Which means that there is no reason to wait! The journey towards building your best lifestyle can start right here, today.
Still unsure about building?
To demonstrate how choosing to build is one of the smartest decisions you’ll ever make, let’s look at an example using a four-bedroom home in Warrnambool with a $400,000 budget, keeping in mind that regardless of your budget, the same benefits apply.
- 4 bedrooms
- 2 living areas
- 2 bathrooms
- double garage
- 700m2 block of land
Cost of block: $155,000 Including stamp duty
Cost for house: $245,000 Total costs
Total Cost to build house: $400,000
In today’s market, to buy a brand new home built to this quality you could expect to pay between $410,000-$430,000. What this means is that by choosing to build you’ve just created up to $10,000 – $30,000 in equity. Then comes the game changer; throw in the $20,000 first home owners grant and you’ve just pocketed another $20k in savings!
This puts you $30,000 – $50,000 in front simply by choosing to build.
Or, of course you can take the quick option and buy an existing home. You’ll still build up equity over the years, but with Warrnambool’s 2% capital gain in property prices over the past ten years, it could take you around 6-8 years to achieve the same financial result.
Why wait for something you can have now?
I can now hear you asking, ‘but how will I know where to start’?
Well the good news is we have a FREE e-book guide that will tell you everything you need to know about finding the perfect block of land. You can get it right here now
Remember, if you are purchasing a block of land you’ll need to first get a legal conveyancer because they’ll be the ones who’ll manage your contracts. You don’t pay any fees until your block settles so there’s no reason not to get organised early. That way, when the magic day comes when you find your perfect block, you’ll be able to secure it straight up without having the rush to go out and get organised. You can find local Legal Conveyancers here who share our mission to help families have a happy home building experience.
There’s some great loans on offer out there at the moment. In fact, because of the current low interest rate loans on offer at the moment, we think there’s never been a better time to build. Find our preferred lenders here, who are not only about finding you the best rates but are also able to offer you the best customer experience.
You can view the updated sales plans for land for sale in Warrnambool at https://buildinwarrnambool.com.au/land-sales-updates/ or view house and land packages at https://buildinwarrnambool.com.au/house-land/
You can learn more about the first home owners grant at https://www.premier.vic.gov.au/first-home-owner-grant-to-double-in-regional-victoria/