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$25,000 Home Building Grant

June 4, 2020 in Latest News by admin  |  Comments Off on $25,000 Home Building Grant
Building or Renovating ???

The Prime Minister & Treasurer announced today a new “Home Builders Package” with a grant of $25,000.00 available for all eligible home owners (not just first home buyers) to build a new home or substantially renovate their existing home.

Listed below are the key eligibility criteria for the new Home Builders Package:

Eligibility Criteria

  • Must be an Australian Citizen over 18 years of age
  • Maximum income – Singles: $125,00.00 p.a. (Based on FY2019)
  • Maximum income – Couples: $200,000.00 p.a. (Based on FY2019)

Building

  • Available to all home owners (i.e. not restricted to First Home Buyers)
  • Construction must be completed by a licenced builder
  • Market value of construction + land must not exceed $750,000
  • Not available for investment properties
  • Can be received in addition to the First Home Owners Grants
  • Can be received in addition to State based Home Building Grants
  • Building contract must be signed between 4/6/2020 – 31/12/2020
  • Works must commence within 3 months of contract date

Renovations

  • Must be completed by a licenced builder
  • Must be renovations to owner occupied home (i.e. excludes investment properties)
  • Must be renovations to main residence (i.e. excludes pools, sheds, landscaping, etc)
  • Minimum $150,000.00
  • Maximum $750,000.00
  • Market value of home upon completion of renovations must not exceed $1.5M
  • Building contract must be signed between 4/6/2020 – 31/12/2020
  • Works must commence within 3 months of contract date

Below is the link to the Government Website confirming all the conditions and requirements

https://treasury.gov.au/sites/default/files/2020-06/Fact_sheet_HomeBuilder.pdf

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