Recently, the Australian Prime Minister announced a limited time only grant to assist homeowners with building a new home or substantially renovating their existing home.
The Homebuilder Grant will give eligible home owners an amount of $25,000.00 toward their building contracts.
The eligibility requirements for the grant are as follows:
1. Australian citizen/s over the age of 18 years old;
2. Owner/s of the land must not be a company or a trust;
3. Be an individual with a taxable income less than $125,000.00 or if you are a couple with a combined taxable income of less than $200,000.00;
4. Enter into a contract for building work after 4 June 2020 and before 31 December 2020, with construction commencing within 3 months of the contract date; and
5. The building contract must be either for a new home valued less than $750,000.00 or for a substantial renovation to your principle place of residence where the value of your home is not more than $1.5 million and your building contract is between $150,000.00 and $750,000.00.
There are some limitations to what you can use the grant for. You must use the grant to improve the main dwelling on the land and cannot use it for other additions such as swimming pools, sheds or other sporting/ recreational facilities.
This grant is in addition to the already existing NSW First Home-owners Grant (New Home) and the NSW First Home Buyers Assistance Scheme. It can also be used in conjunction with the Commonwealth’s First Home Loan Deposit Scheme and the First Home Super Saver Scheme.
Whether you’re looking to purchase your first home, or to purchase an investment property, Everingham Solomons have experienced Conveyancers, Solicitors and Property Specialists to assist you because Helping You is Our Business.
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