- June 23, 2020
- Posted by: David Reid Homes
- Category: Custom Home Builders, Custom Homes, David Reid Homes Australasia, HomeBuilder Scheme, Luxury Home Builders, Luxury Homes, Sloping Block
Australians who are looking to build or renovate in the second half of this year will be able to access a tax-free grant of $25,000 from the Federal Government, as part of a scheme to keep the construction industry moving.
What is the new HomeBuilder Scheme?
The new HomeBuilder Scheme is a one-off, tax-free payment of $25,000 from the government to property owners. It is to help build or substantially renovate homes.
Are you eligible for the new HomeBuilder Scheme?
To be eligible for this grant, you must be; An Australian Citizen over the age of 18, earning less than $125,000 a year or $200,000 per couple. You must be an owner-occupier; this means that you must live in, or intend to live in the property that you would use the grant for.
Are homeowners allowed to access the grant to renovate their investment property?
No. Investment properties do not count, you must be the owner-occupier.
Can I use the HomeBuilder grant to build a swimming pool?
Unfortunately, only renovations that improve the accessibility, liveability, and safety of your property are eligible for the grant. This means that swimming pools, tennis courts, outdoor spas and saunas, sheds, or garages are not applicable.
Some more information:
If you are using the grant to build a new home as your main residence, the value of that property including land must not exceed $750,000. If you are using the grant to renovate your existing home; The renovation contract must be valued between $150,000 and $750,000, and the value of your home prior to renovations must not be worth more than $1.5 million. Renovations can include knockdown and rebuilds.
You must enter into a building contract with a licensed builder (meaning owner-builders and DIY renovators miss out), between June 4th, 2020 and December 31st, 2020, as it is only available for the second half of this year. Building or renovations must start within 3 months of the contract date.
Is this grant only for first home buyers?
The HomeBuilder grant is available for any property owner provided they meet the eligibility requirements above.
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