The newly announced HomeBuilder scheme aims to boost activity in the construction market in response to the covid-19 crisis. The scheme provides a cash grant of $25,000 to eligible home owner-occupiers, including first home buyers, towards renovating their properties or building a new home.
HomeBuilder is available:
👉🏻 for Contracts signed between 4 June 2020 and 31 December 2020
👉🏻 where construction commences within 3 months of the date of the Contract
You are eligible if:
👉🏻 you are a natural person (ie, companies and trusts are not eligible)
👉🏻 you are 18 years old or over
👉🏻 you are an Australian citizen
👉🏻 you earn less than $125,000 per annum (if you are an individual) or $200,000 per annum (if you are a couple)
Not to be claimed for small scale works and repairs, the scheme is designed to assist in the build of a new home and in substantial renovations in certain situations.
If you’re building:
👉🏻 the property must be your principal place of residence; and
👉🏻 the property value must not exceed $750,000 (including land) on works completion.
If you’re renovating:
👉🏻 the property must be your existing principal place of residence; and
👉🏻 the works contract must be between $150,000 and $750,000; and
👉🏻 the value of your existing property cannot exceed $1.5 million.
The Commonwealth Government has also made statements that HomeBuilder will be available for off-the-plan purchases, and that further details will be forthcoming soon.