The Federal Government has unveiled its HomeBuilder package, offering $25,000 to people to start a renovation or build a new home under the scheme.
HomeBuilder is a time-limited grant program that provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home.
Am I eligible?
To be eligible for HomeBuilder, owner-occupiers must meet the following criteria:
- You must enter into a building contract between 4 June 2020 and 31 December 2020 to either:
- build a new home as a principal place of residence, where the property value does not exceed $750,000; or
- substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million;
- Construction must commence within three months of the contract date;
- You must be a registered builder; and
- You must have relevant insurance
For more information on domestic building insurance read our blog here.
It is important to note that owner-builders and those seeking to build a new home or renovate an existing home as an investment property are ineligible for HomeBuilder.
The contract must be made by two parties freely and independently of each other, and without special relationship, such as being a relative.
If you are unsure of which building contract to use, read our blog for more information here.
The grants will be means tested, allowing singles who earned up to $125,000 the previous financial year and couples who earned up to $200,000 to access the scheme.
The purpose of your renovations must be to improve the accessibility, safety and liveability of the home. HomeBuilder will not be eligible for additions to a property such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages
If you are unsure of your rights and need assistance, please do not hesitate to call our Director, Daniel Oldham on (03) 9640 0002, or via email firstname.lastname@example.org