04/06/2020
HOMEBUILDER SCHEME - NEW BUILDS AND RENOS
Some details were released today about the new Commonwealth HomeBuilder grant scheme .
The $25,000 grant will be available for building contracts signed between 4 June 2020 and 31 December 2020. The grant is available for new home construction or substantial renovations. To be eligible an applicant need not be a first home owner.
There is also an income cap of $125,000 pa for single applicants or $200,000 for couples.
The total value of the land and the new building cannot exceed $750,000.00 and the home must be used as the principal place of residence. For renovations, the valuation of the renovation contract must be between $150,000 and $750,000 and the value of the house and land must not exceed $1.5m. The grant is only available where the renovation will improve the accessibility, liveability and safety of the property i.e. not for a pool, tennis court, shed etc.
The HomeBuilder grant can be used in addition to State and Territory first home owner grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s first home loan deposit scheme and first home super saver scheme.
Further information about how and when to apply will be available through the Qld State Government soon. The amount of funds provided by the Commonwealth Government at this stage means that approximately 27,000 grants for home construction and major renovations will be available Australia wide so it would be wise to apply quickly if you are eligible.