HomeBuilder Grant: How homeowners can access the new government building program.

 

What is the HomeBuilder Scheme?

HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an
existing home. HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations this year.

HomeBuilder is a time limited, tax free grant program.

 

There are however a criteria to qualify for the HomeBuilder grant.

 

Is my home build or renovation eligible for the HomeBuilder grant?

  • To access the $25,000 HomeBuilder grant you will need to be an owner occupier , building or renovating a home.
  • If you are building a new home, it needs to be valued less than $750,000
  • If you are renovating an existing property the spend needs to be greater than $150,000 and the existing property is valued at less than $1.5 million.
  • The additions must improve the liveability, accessibility or safety of your home. No grants will be given for property additions such as pools, outdoor spas, tennis courts, sheds or garages.
  • Owner builders and investment properties are not eligible whether building or renovating.

 

Am I eligible for the HomeBuilder Grant?

  • To access Home Builder you need to be an owner – occupier building or renovating.
  • You must be an Australian citizen aged over 18
  • Your annual income must be less than $125,000 for individuals or $200,000 for a couple based on your last tax return.
  • You must be a “natural person” not a company or trust.
  • You do not need to be a First Homebuyer. If you meet the criteria you are eligible.

 

When is the grant accessible?

  • To be eligible for the $25,000 grant you must sign a building contract between June 4 and December 31, 2020.
  • Building must commence within 3 months of the contract date.

 

What types of dwellings are eligible under HomeBuilder?

  • You can buy house and land packages provided all of the above criteria is met.
  • Houses, Apartments
  • Off the Plan builds
  • Builders must be registered or licensed in the state in which you intend to build.

 

How do I access HomeBuilder?

  • You should contact your relevant State or Territory authority on when and how to apply for HomeBuilder.
    You will be able to apply for HomeBuilder when the Government of the State or Territory that you live in, or
    plan to live in, signs the National Partnership Agreement with the Commonwealth Government.

For More information  https://treasury.gov.au/sites/default/files/2020-06/HomeBuilder_Frequently_asked_questions.pdf

 

 

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