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Is 2020 The Right Time to Build Your First Home?

It’s the question on the mind of many a savvy deposit saver – is now the right time to build your first home? While 2020 has seen its fair share of uncertainties (yes, we’re looking at you, COVID-19) we’re also in a time of record low interest rates. At 0.25%, the cash rate is the lowest ever set by the Reserve Bank of Australia. Plus, right now many first home buyers can take advantage of a raft of grants and concessions if they’re eligible. While the choice always depends on your unique circumstances, there are certainly some good incentives to get building!

For starters, there’s the Federal HomeBuilder Grant which offers $25,000 to individuals or couples building a new home. The contract must be signed between 4 June 2020 and 31 December 2020 to be eligible, together with some other criteria.

There’s also Queensland’s regional home building boost grant, which is aimed at helping regional home owners into their new home. This grant can provide $5,000 after the purchase or construction of a brand-new house, unit or townhouse valued at less than $750,000. The great news is that Plantation Palms is situated in Rural View, and its postcode 4740 is within the relevant regional zone for this grant! 

Of course, there’s also the Queensland First Home Owners’ Grant, which can provide $15,000 towards building or buying your new house, unit or townhouse valued at less than $750,000. You could also be eligible for a transfer duty (stamp duty) concession or a land tax home exemption as a first home builder in Queensland.

You can visit the Queensland Government’s Homes and Housing page for all up-to-date information on relevant financial help and concessions. Our helpful team at Plantation Palms is also up-to-date on grants, concessions and eligibility criteria, and can help you jot down a few numbers as you check out the display homes in Mackay.

How can families plan for the future when so much is unknown?

If you feel ready to build but are wondering whether 2020 is the right time for you and your family to build your new home, it can be really helpful to speak with an independent financial advisor to talk about the possibilities. Your financial advisor can provide impartial advice so you can go into any home build with confidence and enjoy the experience of personalising your new place.

Whether you’re weighing up the options or simply curious, you’re always welcome at our display village at 38 Palmetto Crescent, Rural View. It’s the ideal place to explore house and land packages, Plantation Palms’ homes for sale and land for sale in Mackay.

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