Written by Peter Waller – Special Counsel – QLS Accredited Specialist – Commercial Litigation at MBA Lawyers
The Federal Government has released details of the highly anticipated HomeBuilder grant to provide 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 HomeBuilder is designed to assist the residential construction market by encouraging the commencement of new home builds and renovations this year.
A person is eligible for the grant if:
- you are aged 18 years or older and are an Australian citizen (it is not available to companies or trusts);
- your income is below:
- $125,000 per annum for individuals; or
- $200,000 per annum for couples;
- 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 is up to $750,000; or
- 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 is up to $1.5 million;
- the work starts within three months of the contract date; and
- the work is undertaken by a licenced building contractor.
The tax-free grant will apply to all owner-occupiers – not just first home buyers. All dwelling types (house, apartment, house and land package, off-the-plan, etc) are eligible under the HomeBuilder scheme.
The renovation works must improve the accessibility, safety and liveability of the dwelling. This excludes building swimming pools, tennis courts, outdoor spas and saunas, sheds or garages (unconnected to the property).
HomeBuilder will complement existing 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.