$25000 Builder Grant for Building or Renovation of your home


$25000 Builder Grant for Building or Renovation of your home

According to the Department of Treasury (Australian Government), “HomeBuilder scheme provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations this year.”

In order to take benefit of the Home Builder Scheme, Owner Occupiers are required to meet the following eligibility criteria.

  • You are aged 18 years or older
  • You are an Australian citizen
  • You meet one of the following two income caps:
  • $125,000 per annum for an individual applicant based on your 2018-19 tax return or later, or
  • $200,000 per annum for a couple based on both 2018-19 tax returns or later
  • You enter into a building contract between 4 June 2020 and 31 December 2020 to either:
  • Build a new home as a principal place of residence, where the property value does not exceed $750,000, or
  • Substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million
  • Construction must commence within three months of the contract date.

Note: This Scheme can be used in conjunction with existing State and Territory First Home Owner Grant programs, stamp duty concessions, and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.

In case you need assistance in finding the right Home Loan Solution, our experts are there to help you.

Please feel free to contact us at 03 9801 1482 or email us at info@loanjunction.com.au

 

 

References

Treasury Department of Australian Government 2020, Economic Response to Coronavirus: HomeBuilder, retrieved 19 July 2020,< https://treasury.gov.au/coronavirus/homebuilder>

WhatsApp Logo