Homebuilder Grant: The $25k Grant Scheme Explained
Homebuilder Grant: The $25k Grant Scheme Explained
Good news, home builders and renovators! The Government has revealed that its $25,000 HomeBuilder grant will commence from today, 4th June 2020.
If you had put your project on hold, or were planning on starting in the next 6 months, you now have a great incentive to get started because the announcement includes exciting news for homeowners – specifically those who live in their own property.
HomeBuilder grants are now available to invest in the build or renovation of their property, which they will need to match, in a bid to kickstart housebuilding in the wake of the COVID-19 pandemic.
What does it mean for you and how does it apply to your upcoming plans?
What projects are eligible?
First of all, the HomeBuilder grant applies to those looking at a mid- to large-scale renovation, or to build a new home.
Small renovations, DIY plans or buying a property aren’t covered by this scheme, as owners will need to match the Government’s investment dollar-for-dollar.
A substantial kitchen or bathroom renovation is included, as is a full house build or extensive renovation works.
You can’t use the grant if the works are for an investment property, or if you’re making substantial additions like pools, tennis courts, outdoor spas or garages.
"If you've been putting off that renovation or new build, the extra $25,000 we're putting on the table along with record low interest rates means now's the time to get started."
How long will it last for?
The $25,000 package must be put towards a contract that is entered into between 4 June – 31 December 2020. Construction or renovation must also commence within three months of the contract start date.
This means that you could be one step closer to commencing your project this year!
The scheme will be implemented through the existing Revenue Offices of each state or territory.
Who’s going to benefit?
This applies to home and land owners at all stages of life, not just first time buyers.
To be eligible for the HomeBuilder scheme, owner-occupants must:
- Be an Australian citizen, aged 18+ and be an individual, not a company or trust;
- Earn less than $125,000 for singles and $200,000 for couples;
- Be spending between $150,000 and $750,000 on a renovation, and that home must have been valued under $1.5m previously;
- Or be building a new home which – including land value – is worth less than $750,000.
Why is the Government doing this?
The HomeBuilder grant program is time-limited and designed to help Australians embark on their projects earlier and to help trades get through the impact that COVID-19 has made to our economy.
The scheme will help more than a million builders, plumbers, electricians and other tradies across the country with an influx of work, which is great news!
So, what are you waiting for? A bathroom that’s better than you imagined is one step closer, thanks to the HomeBuilder grant.