The Federal Government recently announced the HomeBuilder Scheme, a time-limited program to help the residential construction market bounce back from the Coronavirus crisis.
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.
- You must 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 or later
- Renovation contracts must be between $150,000 and $750,000
- Renovations do not include landscaping or pools
- Owner builders are ineligible
- Cannot be used for investment properties
- Contracts must be signed between 4th June 2020 and 31st December 2020
- Construction must commence within three months of the contract date
- HomeBuilder will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme (please note you may be entitled to the First Home Loan Deposit Scheme when places become available again on 1st July 2020).
Further information is available on the Australian Government Treasury website.
Should you have any further questions, or require any assistance with your finance or grant applications, please do not hesitate to contact us!