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
