Thinking about renovating or building? Now is a great time! The HomeBuilder is a tax-free grant program initiated by the Federal Government to stimulate the residential construction sector in response to the economic downturn caused by COVID-19.
So how do you ensure you are eligible? And what could exclude you from applying for the grant?
First of all, let’s look at what is up for grabs.
The scheme will give $25,000 grants to eligible homeowners, to build or substantially renovate their homes, in an effort to boost demand in the construction sector and keep builders employed. New builds will be capped at $750,000, while renovations can cost anywhere between $150,000 and $750,000
To access the Federal Government HomeBuilder Grant you will need to:
- Be over 18 years of age.
- Be an individual and not a company or trust.
- Be an Australian citizen.
Earn less than:
- $125,000 per annum as an individual or
- $200,000 per annum as a couple
And fulfil the following criteria:
- You will need to sign a contract with a builder between 4th June and 31st December 2020 to:
- Build a home that is valued at no more than $750,000 for the house and land in total
- Substantially renovate your existing home with renovations valued at between $150,000 and $750,000, with the dwelling not valued at more than $1.5 million before you commenced the renovation
HomeBuilder Grant is NOT available if you are:
- Building or renovating an investment property
- Building a new home which has a combined land and home value over $750,000
- An owner builder or an investor
- A permanent resident, New Zealand Citizen or visa holder.
- Building something not connected to your home for example, a swimming pool, tennis court, outdoor spa, sauna, shed, garage or granny flat.
An added bonus!
HomeBuilder recipients can still receive the states’ existing First Home Owner grants and stamp duty concessions, as well as the federal government’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
Chat to one of our Living Home Loans Consultants and find out how you can take advantage of this stimulus.