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.
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