21
Jul
HomeBuilder Grant
There’s no better time to start planning that renovation you’ve always wanted.
How does an extra $25,000 sound to contribute to your next renovation? Oh, and did we mention it is free and non-taxable? If you haven’t heard yet, the Australian Government recently announced its HomeBuilder scheme as an economic response to the coronavirus pandemic.
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.
Which could be music to your ears if you’ve been itching to renovate your kitchen, bathroom, or do a complete interior renovation. We’re going to break down all the details for you so you can get straight to the fun stuff -planning your dream renovation.
Key points
- You’ll need to sign a contract for your renovations between 4 June 2020 and 31 December 2020 and your construction must start within three months of the contract date.
- To be eligible you must be an Australian citizen and over the age of 18, as well as meet one of the two-income caps:
- Earn under $125,000pa for an individual
- Earn under $200,000pa for a couple
- If you decide to build a new home, the property value cannot be more than $750,000
- If renovating your existing home, the renovation contract needs to be between $150,000 to $750,000
What’s not included in the scheme?
Homeowners will not be able to use the grant for additions such as:
- Swimming pools
- Tennis courts
- Outdoor spas and saunas
- Sheds or garages (unconnected to the property)
Next steps for you
Start by getting in contact with the specialists at McColl Cabinetmakers who can get the process started for you.
Or explore how much it will cost to renovate your bathroom.
