A $25k HomeBuilder construction grant has just been announced by the Federal Government to give eligible Australians a helping hand and to boost the construction industry.
This is good news for those planning on building their dream home or carrying out major construction work on their existing owner occupied house. The aim of the scheme is to keep builders employed whilst helping out Australians and the economy.
There are other schemes available at the moment to help first home buyers enter the market including the First Home Loan Deposit Scheme and the First Home Owners Grant. Stay tuned for another blog about these schemes.
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Who’s Eligible for the $25k HomeBuilder Construction Grant?
With the specific details still to be announced by the Federal Government, the following is what we know so far:
- Restricted to new builds and major construction works – recipients are required to be spending at least $150k on a new house build or substantial renovations on their existing house
- Owner occupied houses only – If you’re thinking of renovating your investment property you will not be eligible for the grant, it is for owner occupied houses only (eg. your principle place of residence)
- New builds will be capped at $750k total property value
- Renovations on existing houses must be between $150k and $750k – The value of the house must be under $1.5 million and is only eligible to those with building contracts. Home renovators are excluded and only those builders who were registered and licensed before the governments announcement will be able to participate
- Renovations must be for your main house only – If you’re wanting a tennis court of a pool you will not be eligible for the grant
- Contract dates – building contracts must be signed between 4 June and 31 December 2020. Construction must also commence within 3 months of the contract date.
- Also eligible for other grants and schemes – Good news for first home buyers is that the HomeBuilder grant can be used in conjunction with the First Home Loan Deposit Scheme, the First Home Owners Grant, the First Home Super Saver Scheme and stamp duty concessions
- Income caps based on 2018-19 or later tax returns – Individuals are capped at $125k per annum. Couples are capped at $200k per annum
- You must be an Australian Citizen and over 18 years
- The most up to date information regarding the grant can be found here on the treasury website
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How to secure a Home Loan
If you are looking to secure a home loan now (or in the future) or simply want to find out more details about the schemes you might be eligible for speak to the experienced team at Dream Financing.
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