The Government wants to keep the powerful construction engine running, and they are not shy about it. If you qualify, Scott Morrison will chip in $25,000 to help you rebuild or renovate as part of the new HomeBuilder scheme.
Here is the eligibility criteria:
- Must be a current or prospective owner-occupier, not an investor
- Must be a natural person, not a company or trust
- Must be an Australian citizen
- Must earn $125,000 or less per year for singles and $200,000 or less for couples based on your last tax return which cannot be earlier than 2018/2019
How it can be used:
Grants must be spent to:
- Build a new home as a principle place of residence valued up to $750,000 including land
- Substantially renovate an existing home as a principle place of residence, with renovations valued at between $150,000 – $750,000 and the dwelling not valued at more than $1.5M before the renovation
- You cannot use the grant for additions to the property that are not connected to the principle place of residence such as swimming pools, tennis courts, outdoor spas and saunas, nor detached structures such as sheds, garages or granny flats.
How long have I got?
- To qualify, participants must enter into a building contract between 4 June and 31 December 2020
- Construction must be contracted to commence within three months of the contract date
The scheme will not apply to investment properties and must be done and supervised by licensed builders and trades.
We know it is a lot of hoops to jump through and most of us won’t be able to benefit, however, whether you qualify for the grant or not, renovating is a great idea if you want to add value to your home or lifestyle.