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