The Federal Government has unveiled its HomeBuilder package, offering $25,000 for people to upgrade or build their homes.
From 4 June 2020 until 31 December 2020, HomeBuilder will provide all eligible owner-occupiers (not just first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home.
Construction must be contracted to commence within three months of the contract date.
On a basic level:
You need to be an adult Australian citizen with a taxable income less than $125,000 a year. If you live with your partner, your combined income has to be less than $200,000 per year. The income is based on your 2018-19 or later tax return.
From 4 June 2020 and before the end of this year, you need to enter a contract to renovate or build your main place of residence, with construction to begin within three months of the contract date (no investment properties).
For renovations, you need to spend between $150,000 and $750,000 of your own money, and the house you’re renovating must be valued at less than $1.5 million prior to renovations.
Renovations need to improve the accessibility, safety or liveability of the home and don’t include external work like swimming pools, tennis courts and sheds.
For new builds, the total value of the completed home needs to be less than $750,000, including land.
See the fact sheets below issued by the Australian Government for further information and frequently asked questions.
If you have any further questions please contact us.