By Phil Ringuet
This morning the Federal Government unveiled their new ‘HomeBuilder’ stimulus package.
HomeBuilder 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.
At a glance
To be eligible for HomeBuilder, you must meet the following criteria:
- You are a natural person (not a company or trust);
- 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.
An Important Message
While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.