If you are looking to build a new home or renovate an existing one, you may be surprised to learn that you may be eligible for a government home builder grant, worth $25,000.
This grant can give those, that are ready to go, a financial boost, and potentially get them over the line. If you have a vacant block of land, planning a knockdown rebuild of your existing primary residence or looking to renovate a substantial amount of your current home, it is worth diving in further to see if you are eligible.
Like most grants, there are requirements that must be met. Although there are certain restrictions when utilising the funds. For new home builders, this is a great incentive to continue with your plans to start your build during these uncertain economic times. On the renovation front, the grant is perfect for larger projects that may have already been drafted and could use this kickstart to get things going.
With the current downturn of the economy, the Australian government has introduced the Home Builder Grant as a way of stimulating activity in the construction industry. You may have been wondering if your new home or renovation could get access to this grant.
Who is eligible?
Owner-occupiers who are building or renovating will need to meet the following requirements:
- You must be an individual – not a company or trust.
- Be 18 years or over and be an Australian citizen.
- Meet one of the following two income caps:
a) Be an individual applicant, based on your 2018-2019 tax return (or later), your annual income must be less than $125,000, or
b) An applicant who is applying as a couple, based on your 2018 – 2019 tax return (or later), your income must not exceed $200,000. - Applicant must have/or sign a building contract between June 4th, 2020, and December 31st, 2020.
- Construction works must commence within three months of the contract date.
Are there any other requirements?
All dwellings are eligible but there are limitations on what the grant be spent on;
- The applicant must build a new home (primary residence), where the property does not exceed the value of $750,000.
- Renovations being conducted existing principal place of residence must have renovations contracts between the values of $150,00 and $750,000, but the property value does not exceed $1.5 million.
To be eligible, applicants must either be building a new home or looking to conduct a serious renovation, as the minimum dollar amount is $150,000. With the grant, applicants must be able to either save $125,000 or be willing to borrow money to reach that amount… and that’s where we come in!
As a member of the Finance Brokers Association of Australia (FBAA), this ensures that our Mortgage Broker team are practising the Industry Code of Conduct and Code of Ethics. This requires professionalism, ethical behaviour, and transparency. With access to over 20 creditable lenders and an abundance of team knowledge, we can guarantee that we will find the best suitable loan for you, with a competitive interest rate.
