A lot of positives are coming to light despite the global Covid-19 pandemic. Governments around the world are responding to bolster economies after total shutdown. Newfoundland is no exception.
To help boost the Newfoundland provincial economy, the Honourable Tom Osborne, Minister of Finance, announced a new Residential Construction Rebate Program that will allow new homeowners (and repairs) to save a significant sum of money on new home construction as well as renovations.
Couple that with interest rates at unprecedented lows and there has never before been a better time to build a new home.
This is a limited time offer!
Currently as it’s written, the application form must be submitted by Aug 7 2020 and all renovation work and new construction must be substantially completed by March 31, 2021. That’s not alot of time.
Who can get the money?
“The rebate will apply to work on a primary residence contracted within a 60-day period from the start of COVID-19 Alert Level 3, and the project must be substantially complete by March 31, 2021. To qualify, homeowners must use an eligible contractor, which includes those who have general liability insurance and are registered (i.e., HST registered, valid Business Number or Workers Compensation registered).”
Why Get Pre-approved First?
Needless to say things are about to get busy as people rush to get access to $10,000 for their home projects. Quality contractors are going to get snatched up and every pickup truck owner will register to become a contractor. You won’t want to risk losing your builder to another client so it’s a good idea to get the ball rolling now.
The early bird in this case is the contractor and the worm is the client with the funds approved.
There will be a bottleneck with quality builders.
With the clock ticking it’s always best to get your pre-approval started first.
This way we can lock you in the lowest interest rates in the market right now and if the rates drop you’ll get the best rate available before closing.
Call us now or schedule a call to get approval for 7 Canadian banks.