To be eligible for the Government Home Builder’s Scheme you must:
Be an Australian citizen aged 18 years or older and be an individual, not a company or trust.
Be on an income of less than $200,000 for couples, and $125,000 for singles.
Be spending between $150,000 and $750,000 on a renovation for a home that has been previously valued at less than $1.5 million.
Be building a new home worth less than $750,000 (this includes land value).
Crucially, the tax-free grant will apply to all owner-occupiers - not just first home buyers.
All dwelling types (house, apartment, house and land package, off the plan, etc) will be eligible under the Home Builder scheme.
The scheme will not apply to owner-builders or those who are planning to build a new home or renovate an existing home as an investment property.
The grant also cannot be used for additions to the property that are not connected to the home, such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages.
The grant will be offered for contracts entered into between 4 June 2020 and 31 December 2020. Construction must be contracted to begin within three months of the contract date to be eligible.
The program will be uncapped but the government expects it will cost $680 million, which roughly equates to around 27,000 grants.
Home Builder complements 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.
If you have any questions contact Michael on 02 6583 2211