Home / COVID-19: The Government’s $25k HomeBuilder Scheme

COVID-19: The Government’s $25k HomeBuilder Scheme

Crest Accountants
5 June
News

HomeBuilder scheme offers $25k for home renovations

The Federal Government has unveiled its HomeBuilder package, offering a tax free grant of $25,000 to eligible home owners to build or substantially renovate their homes.

With the announcement of the latest stimulus package estimated at a total of $680 million, the Government is expecting about 27,000 homeowners or builders to access the scheme, which will help to boost the residential construction industry.

The HomeBuilder scheme 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.

Eligibility

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 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.

How to apply

Please note: eligible homeowners will be able to apply directly through their state or territory revenue office, and will need to provide a number of documents, including a copy of their 2018-19 tax return.

For more information

HomeBuilder – Fact Sheet
HomeBuilder – Frequently Asked Questions

If you have any questions or would like to discuss the HomeBuilder grant, please contact us on 07 5538 0999.

Crest Accountants

For over 45 years, Crest Accountants have been empowering individuals, families and businesses to nurture financial success, security and peace of mind. Our strong foundation has been built on old-school principles, trust and transparency, which has enabled us to build and nurture long-lasting client relationships.

Share this great article

Lauren Gregory

04:10 20 Jun 19

Recently I came on board as a client, and cannot recommend Angela highly enough. To date, my experience with Angela and the team has been fantastic and I would not hesitate in providing a referral. I have been impressed with the prompt return of calls and emails, and have had all work completed within our agreed time frames. The valuable taxation and small business advice I have received has been incredibly useful and provided me with support and guidance on my personal and business journey. If you are looking for a Tax Accountant or Advisor, don't hesitate in making the move over to Crest.

Danny Ellem

05:07 09 Oct 19

I cannot commend Crest Advisors lending team enough. As first home owners, we found the place we wanted and knew we had to find someone to make our loan happen. Dion & Nat, not only had fantastic communication & correspondance, they worked with us on finding what we wanted and helped us secure our first home. The were patient & explained everything as we were completely new to it all. They gave us direction and guidance in what we needed and were very thorough with what they needed.We cannot thank Dion & Nat enough and highly reccomend them to anyone.

Feng Lin

00:56 03 Sep 19

Very good fellows! Hepled us to start our business in this country and looked after our accounting very well from the first day at low costs!Strongly recommending people to engage Crest Advisors for any business or individual services!

Kelly Penman

07:29 22 Sep 19

An excellent dealing with Natalie from start to finish, she was very patient with me while i was purchasing my vehicle, can highly recommend easy process and great to communicate with .

The Edit Suite

01:20 20 Aug 19

We have had the great experience of working with the friendly team at Crest Advisors and would highly recommend them. Fantastic team, terrific space and caring attitude.

Carla Schesser

05:43 02 Dec 19

I recently worked with Louise on a full website design & build project for Crest Accountants. Throughout the whole process, Louise was highly organised, detail-oriented and super communicative which made the project a massive success.It was apparent from the start of the project together that Louise was passionate about Crest Accountants, the vision and did everything needed to ensure the website was perfect.Thank you Louise for all your efforts and I look forward to working on the next project soon!

Phillip Crawley

12:11 08 Dec 19

Ryan, Nicole & Robert are all very skilled at what they do, highly recommend.

Jed Newnham

23:59 29 Nov 16

I highly recommend Crest Advisors. I have been working with Crest for 4 years and they assist me personally and my business in several areas including Cashflow forecasting, tax planning, business structuring, BAS, Finance, Insurance and SMSF. They provide excellent services and will help you achieve your personal and business goals. Jed Newnham, Managing Director of Newnham Scaffolding