24/07/2020
On 4th June the Federal Treasurer announced the Home Builder grant of $25,000 available to eligible owner-occupiers (including first home buyers) to build a new home or substantially renovate an existing home.
The criteria for eligibility include :
• the applicant is a natural person, over 18 years of age and an Australian citizen;
• they meet one of the following two income caps
- $125,000 p.a. for an individual applicant based on their 2018-19 tax return; or
- $200,000 p.a. for a couple based on both 2018-19 tax returns.
• They entered into a building contract between 4th June 2020 and 31st December 2020 to either: build a new home as a principal place of residence, where the property (house and land) does not exceed $750,000; or carry out renovations within a price range of not less than $150,000 or more than $750,000.
• Construction must commence within 3 months of the contract date.
Each State and Territory is required to sign the National Partnership Agreement (NPA) with the Commonwealth Government. The scheme for Victoria will then be administered by the State Revenue Office (SRO).
We understand that the SRO is not yet in a position to provide information on the scheme or its administration but has established an internal working group in readiness to progress the administration of the grant program as soon as it is able to do so.
More information can be found in the below link
The Australian Government’s HomeBuilder program 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. The State Revenue Office will administer the HomeBuilder program in Victoria on behalf of the Aust...