An exciting new announcement was released by the Federal Government this month. They are introducing a limited time, tax-free grant program called the ‘HomeBuilder’. The program was designed to assist the residential construction market to encourage the commencement of new home builds and renovations through the Coronavirus pandemic.
According to a media release sent out by The Housing Industry Association (HIA) on the 3rd of June 2020, the package could generate an estimate of over $15 billion in national economic activity.
What is the grant?
The grant will consist of $25,000 to build a new home (up to $750,000) or substantially renovate an existing home (contract between $150,000-$750,000) to eligible owner occupiers.
Furthermore, first-time homebuyers in Queensland will still be able to access the existing $15,000 First Homeowners’ Grant in addition to the Homebuilder grant, allowing a package of $40,000.
How do you qualify?
Contracts must be signed between the 4th of June 2020 and the 31st of December 2020. Construction must start within three months of the contract date and you must occupy the home.
Are you eligible for the grant?
To access the HomeBuilder, owner-occupiers must meet the following criteria:
- You must be over 18 years old
- You must be a natural person (companies and trusts do not comply)
- You must be an Australian citizen
- Your income meets one of the following caps:
- $125,000 per annum based on your 2018-2019 tax return (individual)
- $200,000 per annum based on your 2018-2019 tax return (couple)
Individuals looking to owner-build, renovate or build a home to be used as an investment property are not eligible for the grant.
If you have any questions, feel free to contact our office and someone will be happy to assist you. Call 07 4054 4588 or email email@example.com.