The Federal Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. Here is who, when and how you can access it. For frequently asked questions, please refer to Treasury Fact Sheets.
The HomeBuilder scheme targets the residential market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build or substantially renovate their existing home. It’s vital that both, home builders/renovators and the building industry are across all the complexities of the grant before signing new contracts or acting with an expectation that the grant will apply. Individual Eligibility HomeBuilder scheme is available to owner-occupiers, including first home buyers. To be eligible, you must be: · An individual (not trust or company) · 18 years of age or older and · An Australian Citizen. AND you must meet the income test. To be eligible, you cannot earn more than: · Individuals - $125,000 based on your 2019 or later tax returns. · Couples - $200,000 based on both of your 2019 or later tax returns. Project Eligibility An eligible building contract must be signed between 4 June 2020 and 31 December 2020, with construction commencing within three months of the contract date. Grants will be available where: New home: The property value (house & land) does not exceed $750,000; Renovations: The renovations contract to your home is between $150,000 - $750,000 and the value of your existing property (house & land) does not exceed $1.5 million. It should be noted that a new home may be a house, an apartment, home and land package or an off-the-plan purchase. To be approved for the grant for a renovation, the works must improve accessibility and liveability of the dwelling. Additions to the property, such as swimming pools, tennis courts, sheds, etc. are explicitly excluded as they are deemed not to be connected.