THE Federal Government’s building stimulus package which is designed to lift the building and construction industry out of the COVID-19 slump and help turn the tide on the recession has created plenty of interest in Port Stephens.

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The stimulus package means that if you sign a contract to build a new home between now and December and the builder starts within 3 months you may be eligible for a $25,000 grant.

Not everyone is eligible and price limits and conditions apply.

The grant can also be applied to major renovations.

Meryl Swanson member for Paterson, told News Of The Area, “HomeBuilder is too little too late.

“The Hunter has already had a 27 percent drop in apprentices and trainees through seven years of the Liberal National Government.”

She believes that HomeBuilder falls a long way short in providing what is needed to prevent massive job losses in the building industry.

Her view is that this is an opportunity to build more social housing and affordable housing for frontline workers.

Swanson questions “How many people in the Hunter have a spare $150,000 in their bank for renovations?

“This does nothing for the average homeowner who wants to put in a new kitchen or bathroom, and all the small jobs that could be created,” she said.

Port Stephens Mortgage Broker Lauren Murphy from Mortgage Choice told News Of The Area, “I welcome the Government’s proposed HomeBuilder’s scheme. I am hopeful that the scheme will be good for both our local housing market and the wider economy.”

“The response from locals has been enthusiastic.”

“We saw an increase in enquiries last week, predominantly from first home buyers who are considering building.
“People considering entering the market have been rightfully cautious over the last few months, however it is encouraging to speak to buyers who feel secure in their employment and want to invest in building.

“Timing will be key, with building contracts needing to be signed on or before the 31st of December 2020.”

She believes that it is important for borrowers to understand that this scheme is not just aimed at First Home Buyers it is also available for those who have owned before and for existing homeowners looking to undertake major renovations.

“I encourage those looking to apply for the scheme to speak to an experienced mortgage broker, to learn what their options are,” said Ms Murphy.

Tomaree Mortgage Broker Anita Marshall, told News Of The Area, “It’s been welcome news for future first home buyers as well,” she said.

At least one or two of the grants/schemes usually do work for them and this one is a great bonus for any first home buyers wishing to buy land and build.

First home buyers are still eligible to apply for the first home buyers grant for new homes which is $10k in NSW along with exemption from stamp duty on the land.

There could be even more positive news for home buyers with the NSW Government reviewing current stamp duty legislation.

First home buyers can also apply for a placement on the low deposit first home buyers scheme.

“At this stage it looks like the banks will still want you to save a 5% deposit yourself but nothing has been finalised yet with the banks and other lenders,” said Ms Marshall.

Anyone thinking of building or renovating, should check the fine print, and get their finances in order early to take advantage of the stimulus package.

By Marian SAMPSON