House and Land Packages in Australia for First Home Buyers, Investors and Overseas Buyers
COVID-19 update for international investors and customers in Australia
Australia, like other nations, has been impacted significantly by the COVID-19 pandemic. The country has put in place strong public health measures to slow the spread of the virus, and introduced economic stimulus packages to support Australian businesses and consumers.
Despite these challenging circumstances, Australia remains open for business and continues to welcome international investors and business partners. Our country’s resilience, open business settings and record of strong economic performance over the past 28 years mean Australia is likely to recover well, providing a safe and stable environment for investment.
Changes to investment screening thresholds
Australia welcomes foreign investment consistent with our national interest. On 29 March 2020, the Australian Government announced temporary changes to the foreign investment review framework. From this date, all proposed foreign investments into Australia subject to the Foreign Acquisitions and Takeovers Act 1975 will require approval, regardless of value or the nature of the foreign investor.
To ensure sufficient time for screening applications, the Foreign Investment Review Board (FIRB) will extend timeframes for reviewing applications from 30 days to up to six months.
This does not mean all applications will necessarily require six months. Priority will be given to investment proposals that protect and support Australian business and Australian jobs. FIRB will seek to accommodate commercial deadlines wherever possible. For more information, see the Q&A document on the FIRB website.
MEDIA RELEASE
04 Jun 2020
Prime Minister, Treasurer, Assistant Treasurer
and Minister for Housing
The Morrison Government is supporting jobs in the residential construction sector with the introduction of the new HomeBuilder program.
From today until 31 December 2020, HomeBuilder will provide all eligible owner-occupiers (not just first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. Construction must be contracted to commence within three months of the contract date.
HomeBuilder applicants will be subject to eligibility criteria, including income caps of $125,000 for singles and $200,000 for couples based on their latest assessable income. A national dwelling price cap of $750,000 will apply for new home builds, and a renovation price range of $150,000 up to $750,000 will apply to renovating an existing home with a current value of no more than $1.5 million.
The program is expected to provide around 27,000 grants at a total cost of around $680 million.
This increase in residential construction will help to fill the gap in construction activity expected in the second half of 2020 due to the coronavirus pandemic.
In doing so, HomeBuilder will help to support the 140,000 direct jobs and another 1,000,000 related jobs in the residential construction sector including businesses and sole-trader builders, contractors, property developers, construction materials manufacturers, engineers, designers and architects.
HomeBuilder complements existing state and territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
This year, the Government delivered the First Home Loan Deposit Scheme to help eligible first home buyers to purchase their first home with a deposit of as little as 5 per cent, allowing them to get into the market sooner. HomeBuilder will create even more opportunities for first home buyers to enter the property market, as well as support other eligible Australians to build a new home or renovate an existing home.
The HomeBuilder program will be implemented via a National Partnership Agreement, signed by the Commonwealth and state and territory governments.
More information on HomeBuilder, including eligibility, can be found on the Treasury Coronavirus Economic Response website.
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This is fantastic news, so New home builders will get a $25K grant. That also can be combined with First Home Owners grant of $10k so that gives the first homeowner a grant total of $35K
Contact us to help get you your new home! ASAP!