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.
- 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)