If you are thinking about building or renovating, have you considered your eligibility for the Government’s new HomeBuilder scheme?
The new scheme is a time-limited grant program to help the residential construction market bounce back from the Coronavirus crisis – and can be used in conjunction with the state’s First Home Owner Grant.
In NSW, the First Home Owner Grant provides $10,000 to first home owners for:
- A newly constructed home or a substantially renovated home with a total value less than $600,000.
- A new build where the land and dwelling has a combined value less than $750,000.
Could this be the first home opportunity you have been waiting for? With these two incentives combined, you will save $35,000 on your new build.
Check the link above to see full details of the grant and if you are eligible.
And what about the HomeBuilder scheme?
To access HomeBuilder, you must fit all of the following criteria:
- Be a natural person (not a company or trust).
- Be aged 18 years or older on the contract date.
- Be an Australian citizen
- Be below one of the following two income caps:
- $125,000 per annum for an individual applicant based on their 2018-19 taxable income or later.
- $200,000 per annum for a couple based on their combined 2018-19 taxable income or later.
- Enter into a contract from 4 June 2020 up to 31 December 2020 to either:
- Build a new home as a principal place of residence, where the property value (i.e. house and land) does not exceed $750,000.
- Substantially renovate an existing home as a principal place of residence, where the renovation contract is greater than $150,000 and does not exceed $750,000, and where the value of the existing property (i.e. house and land, before renovation) does not exceed $1.5 million.
The scheme is uncapped, meaning there is no limit on how many people can receive it.
Whether you are a first home buyer or not, HomeBuilder may be just what you need to pull you over the line in building your dream home.
You can read further information about the scheme and register your interest on the Australian Treasury website.
Please contact us if you need assistance in finding land or a new home that would be eligible for either the First Home Owner Grant or the HomeBuilder scheme.
And as always, please get in touch if we can provide further advice or assistance on any property-related matter.