First tip, we are here to help.
Here is everything you need to know about HomeBuilder as part of the government’s COVID-19 stimulus package.
The package provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate their existing home.
There’s no cap on the number of grants available but there is a time limit.
The contract for the build or renovation must be signed between 4 June 2020 and 31 December 2020. Construction must commence within three months of the contract date.
Being a first home buyer isn’t mandatory but it’s good to know, that if you happen to be a first home buyer, this money will be paid in addition (YES) to the First Home Owners Grant and the First Home Loan Deposit Scheme (if you’re eligible for them if course).
As we are located in a ‘regional’ area the grant and scheme represent $20k in value and therefore mean you could be entitled to as much as $45k in government assistance.
Who is it for?… To be eligible for the $25k grant you’ll need to meet the below criteria:
– You are a person (not a company or trust), that is 18 years or older and an Australian citizen.
– The funding is means-tested and there is a limit on how much you can earn to qualify. You need to have earned $125,000 or less per annum for individuals or $200,000 per annum for couples based on your 2018-19 tax returns or later.
– The grant isn’t for investment properties or owner-builders.
– For people building a new home where the property value doesn’t exceed $750,000 (including land). For renovations, the renovation contract needs to be between $150,000 and $750,000. The value of your existing property must not exceed $1.5 million.
The renovation works must be to improve the accessibility, safety and liveability of the dwelling. It can’t be for additions to the property such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages that are unconnected to the property.
You’ll be able to apply for HomeBuilder when the Government of the State or Territory that you live in, or plan to live in, signs the National Partnership Agreement with the Commonwealth Government. It will be administered by your relevant State or Territory authority. So here in Victoria, you would apply to the State Revenue Office. Follow this link to learn more
We will update you as soon as more information becomes available.
In the meantime, if you need to discuss your build with a local, reliable building company, get in touch with the Coldon Homes sales team and we will guide you through the process.
Phone: 03 5672 1999