The Australian Federal Government has released a stimulus package to assist those renovating or building a new home to the tune of $25,000. There are some caveats that you need to be aware of before jumping on and applying for HomeBuilder. The Property Journal delved into the facts so you don’t have to. Here’s the facts:
- $25,000 available to new home builders or home renovators for contracts entered between June 4 and December 31, 2020 (it can be backdated to June 4)
- Value of the new home build must be less than $750,000 and must be built as your principal place of residence (i.e. investment properties are not eligible for HomeBuilder)
- If you are ‘substantially’ renovating your home – where the contract is between $150,000 and $750,000 – and the current value of your property does not exceed $1.5 million
- Homes alone – not unit purchases – are eligible for HomeBuilder
- It will be means tested – individuals must earn less than $125,000 per annum and couples less than $200,000 combined per annum (based on your 2018/19 tax return or later)
- You are a natural person (not a company or trust), using a licensed builder that you are not related to
- You are aged 18 years or older
- You are an Australian citizen
- Construction must commence within three months of the contract date
- You need to apply to your State revenue office for the HomeBuilder Grant
- Homebuilder 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.
The full fact sheet from the Government is available here.
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