Only available to Australian Citizens aged 18 years or older and be an individual, not a company or trust.
Scheme can only be used for new homes valued up to $750,000 including land, or renovations worth between $150,000 and $750,000 if the home is valued at no more than $1.5 million before the work begins.
Available from 04 June 2020-31 Dec 2020
The home builder grant can be used for kitchen and bathroom renovations but all reno work needs to be carried out by licensed contractors only. It cannot be use for add-ons like swimming pools, tennis courts, outdoor spas and saunas, and detached sheds or garages. Investment properties, and owner-builders do not qualify.
DIY jobs are out of the question
This grant is aimed at supporting 140,000 direct construction jobs and a million workers in the wider residential building sector, including architects, materials suppliers and manufacturers, and engineers.
Well as always, the Home-Building and Renovation scheme will be means-tested.
Similar to the government’s first home deposit scheme, to be eligible for this scheme singles needs to earn up to $125,000 and couples up to $200,000.
Construction of a new home or a substantial renovation must be contracted to begin within three months to prevent a rise in house prices.
Please refer to the Fact sheet from Treasury itself by clicking the link below-
This scheme can be used along with other government schemes-
First home buyer Grant- $10K- $20K Depending on State.
5% Home Loan Scheme
First Home Super Saver Scheme
So for Example-
You are a First Home Buyer in Queensland and you are buying a brand new home worth $500K. You will be eligible for-
First Home Owner Grant- $15K
Stamp duty exemption.
Home Builder Grant- $25K
You technically have $40K to start with. Give us a call and see what else can be done as Loan is first step towards getting your dream home.
Avi Gill 0403 706 910 email@example.com www.5aabfinancials.com
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