Under the HomeBuilder Scheme eligible purchasers or home renovators will receive a $25,000.00 grant on new home builds or substantial renovation works for properties being used as their principle place of residence.
Are you eligible?
You will be eligible for the HomeBuilder Scheme if:
- As an individual, you made less than $125,000.00 in the 2018-2019 financial year; or
- As a couple, you made less than $200,000.00 in the 2018-2019 financial year; and
- You are building or renovating an eligible property.
Is your new build or renovation eligible?
- The value of the new build (including land) must not exceed $750,000.00; and
- Construction on the property must begin within 3 months of the contract date; and
- The contract must be entered into between 4 June 2020 and 31 December 2020; and
- The home must be used as your principle place of residence once complete.
- The property must be valued at less than $1.5 million before the work; and
- The works must cost between $150,000.00 and $750,000.00; and
- The renovation must improve the accessibility, safety and liveability of the home; and
- The works must be on the home (pools, detached garages or sheds or detached outdoor living areas are not included); and
- The home must be your principle place of residence.
How will you receive the grant?
Grants will be issued to successful applicants through their relevant state Revenue office.
Can the grant be used in addition to existing first home buyer benefits?
Yes. Buyers who are eligible for the HomeBuilder grant who are also eligible for stamp duty exemptions or concessions the First Home Buyers Assistance Scheme will be able to receive both benefits. First home buyers may also access the HomeBuilder Grant in conjunction with the $10,000.00 First Home Owner Grant, and/or the Commonwealth first Home Loan Deposit Scheme.
If would like to discuss the above in detail or have further questions please do not hesitate to contact our office on 9523 5535 or email email@example.com