The federal government is looking to boost the building industry with the announcement of the HomeBuilder Scheme.
This will provide $25k to anyone looking at building or substantially renovating their home from 4th June 2020 to 31 December 2020. This can be used in addition to $15k first home owners grant. – New builds will be capped at $750,000 – i.e. home must be valued at/under $750k. – Renovations can cost anywhere between $150,000 and $750,000, but will only be subsidised if the house being altered is valued at less than $1.5 million.
To access HomeBuilder, owner-occupiers must meet the following eligibility criteria:
- you are a natural person (not a company or trust);
- you are aged 18 years or older;
- you are an Australian citizen;
- you meet one of the following two income caps:
- $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or
- $200,000 per annum for a couple based on both 2018-19 tax returns/NOA or later;
- you enter into a building contract between 4 June 2020 and 31 December 2020 to either:
- build a new home as a principal place of residence, where the property value does not exceed $750,000;
- or substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million;
- construction must commence within three months of the contract date.
Unfortunately you will not qualify if:
- Your build contract is dated before 4th June 2020
- You are not an Australian citizen
- The scheme will not apply to investment properties or owners who intend on building or renovating on their own without the help of builders.
- Cannot be used to build things outside the house such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages.
Additional benefits if you are a First Home Buyer, if you are eligible you can also use the First Home Owners Grant (FHOG), First Home Buyers Super Scheme (FHSS) and the First Home Loan Deposit Scheme (FHLDS). If you have any questions about the additional scheme’s and grants, please contact me to discuss.
For home loan enquiries: firstname.lastname@example.org
T: 0438 556 905
We help clients from our local area and all over Australia, we believe buying a home should be stress-free and uncomplicated, and we will work for you to make your dreams become reality.
If you want to get started, please get in touch and we can book a time that suits you – either a phone call information session or a face to face meeting (which doesn’t cost anything for you).