We would like to take this opportunity to provide some information on pre-approvals and how it can empower you as a buyer BEFORE you start looking for a property.
If you are thinking of buying a property in the next few months, get in touch with Loan Market and we can start building your pre-approval straight away.
It is very positive for Canberran that our government is stimulating the construction industry and helping property prices in the local area.
There are three parts to the stimulus package recently announced:
For any vacant land you wish to build a property on, Stamp Duty is no longer applicable at this stage.
For all properties in this category up to $500,000, Stamp Duty is no longer payable. For properties between $500,000 – $750,000, Stamp Duty will be reduced by up to $11,400. For this exemption to be applied, the property must be valued below $750,000 and it must be a live-in dwelling, and you do not need to be a first home buyer.
If you are looking to upsize or downsize from your current property, you will be able to qualify for the Stamp Duty concessions which will make the next move even easier. If you do have any questions about Stamp Duty, give Nitish Kumar a call today.
The new home builder program that the ACT Government recently announced is very exciting for the construction and property industry to have this stimulus package available to Canberrans, with a goal to stimulate more jobs to those working in construction.
The package works in two sections;
If you are looking to purchase a property under $750,000, you will receive a $25,000 grant from the Government. This includes house and land packages and will be monitored through the Territory/State Governments. The only criteria for eligibility is income level; you must be under a certain income bracket. As an example, if you’re a single person, your base income must be under $125,000. If you are a couple, your combined income must be under $200,000. The stimulus package will be available until December 31st, 2020 where you must enter a building contract before the closing date. The build must commence within three months after this period.
It must be a substantial renovation to qualify, whereas the criteria are that the renovation costs must total no less than $150,000, and you will be eligible for a $25,000 grant to contribute to the total costs. This grant will not be applicable for external items like pools, garages and sheds. The internal work must be completed by a Licensed Builder.
If you have any questions about the stimulus package, give Nitish Kumar a call today.