Ray White Projects welcomes Federal Government’s HomeBuilder

Ray White Projects welcomes the Federal Government’s HomeBuilder scheme as a way to increase residential construction during the COVID-19 pandemic.

Prime Minister Scott Morrison announced that 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.

“This grant is an opportunity for potential new homeowners to use this scheme and other existing buyers’ schemes together,” said Ray White Projects Managing Director Eddie Mansour.

“This scheme will allow many Australians to enter the market place with minimal deposits and stamp duty outlay.

“It’s positive news for us, with purchasers being able to enter the market now and take advantage of what I believe will be a more buoyant marketplace when the property is delivered, which is typically within a 12-18 month period.”

Mr Mansour said during COVID-19 restrictions, his team had continued to receive good enquiry on off-the-plan properties.

“As a business, we’ve focussed on working with experienced developers who will deliver quality projects,” he said.

“Whilst transactions have slowed, buyers were more concerned around having job security, rather than a declining market. Many believe that now is the time to be buying a property. 

“Ray White Projects has a vast range of projects around Australia that will fall within $750,000 that include apartments, townhouses, and house and land packages.”

Despite broadly welcoming the scheme, Mr Mansour said there were still questions that needed to be answered for clients to have a clear picture.

“We need to know how the process will work with off-the-plan sales, considering most buyers won’t formally apply for finance until the property is nearing completion,” he said.

“Our other question is, will buyers be able to use multiple schemes/grants to purchase? For example, in NSW, if they used this scheme and the First Home Buyers Saver Scheme on a $500,000 purchase, they may not need to outlay any money. How realistic is this?

“Then there’s the question of how the banks will actually use/take the $25,000 grant. It’s a much-needed scheme and we look forward to finding out the finer details for our clients.”

Media contacts
Eddie Mansour
Ray White Projects Managing Director
0424 251 259

Grant Payne
Ray White Group Senior Media Advisor
0447 000 472