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Buying a home

Update to timeframes for building stimulus packages


Roisin Broderick, Content Specialist, Keystart

4 mins

There has been an announcement from the Western Australian State government in relation to its home building stimulus package. Homeowners accessing the Building Bonus now have an additional six months to commence site works.

In another recent announcement relating to the federal HomeBuilder grant, the State Government has exercised discretion and has extended the construction commencement date by a further three months due to the high level of activity in the construction industry. This means construction for this grant must commence within six months of the contract date.

These extensions allow the construction industry more time to manage the significant boost in building activity created by the grants.

The Building Bonus grant is available to any homebuyer who signs a contract by 31 December 2020 to build a new house or purchase a new property in a single-tier development (such as a townhouse) prior to completion of construction.

The HomeBuilder grant provides eligible owner-occupiers with a grant of $25,000 to build a new home, substantially renovate an existing home or purchase a new home off-the-plan.

You can contact your preferred builder to find out more about your options.

Read Government Media Statement in full

As Keystart will not be administering this grant, the Building Bonus grant won't be available to use towards your deposit and fees.

Read more about the State and Federal Stimulus Grants

Keystart recommends that you seek your own independent financial advice prior to making any decisions about your financial needs. Any examples given in this post are provided for illustrative purposes only.