Friday 12 June, 2020
You may have seen recently that both the State and Federal Governments announced new stimulus grants to help the building industry navigate through the impacts of the Coronavirus.
With the details for both grants released and finalised, here is everything you need to know!
The HomeBuilder grant is worth $25,000 and can help you with either a new home build or renovation.**
**EDIT 01/12/2020: The Federal Government announced today that the HomeBuilders grant will be extended until March 31st 2021. From January 1st 2021 it will be reduced to $15,000.
Working alongside the Federal grant, premier Peter Gutwein announced a further $20,000 grant is available to new home builds.*
**EDIT 01/12/2020: Alongside the Federal Government, the State Government will extend the HomeBuilders grant until March 31st 2021. This grant will remain at $20,000.
You can apply for both grants through Service Tasmania.
A $45,000 boost will make a huge difference when and if you’re looking to build, but it’s still important to ensure that you’re getting the best loan and one that suits your needs and budget.
In our experience, it can take some time to get approvals and permits for a new build, so our advice would be to start making some calls now if you’re serious. As always, we’re happy to help!
When applying for a loan, you’ll hear terms such as “borrowing power”, “borrowing capacity”, and “assessment rate”. But how do they relate? What do they mean? We’ll break it down for you in a simple equation.
During your research into your financial situation, you may have clicked on our calculator section – and been overwhelmed with the number of different types available! What do they all mean and what are they used for?!