In the Commonwealth Government’s latest efforts to keep the building and construction industry afloat, Australians who meet the eligibility requirements can now apply for a variety of housing grants.
$25,000 “HomeBuilder” grants are available to owner-occupiers wanting to carry out substantial property improvements between 4 June 2020 and 31 December 2020.
Here’s what you need to know:
- Singles, must have earned less than $125,000 in the 2018/2019 financial year. Couples this is increased to a combined income of $200,000.
- The recipients must satisfy a total spend of $150,000 on renovations, to receive the additional HomeBuilder contribution of $25,000.
- A new build will be capped at $750,000.
- Investors and owner-builders will be exempt from applying.
- Renovations must be performed on the main structure of a property and will not include sheds or pools etc
The new “HomeBuilder” grant is available on top of 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. Therefore, if you are a first ever home buyer, you should also be entitled to the Governments support of $15,000 First Home Owners grant from the Queensland Government if you meet the eligibility requirements.
Funds allocated for this scheme will be available for only 27,000 applicants. It’s vital that those wishing to take advantage, get their applications submitted as soon as possible, or risk missing out.
For further information from treasury, click here