The homebuilder package of $25,000.00To build or renovate… what is it?
The homebuilder package of $25,000.00
To build or renovate… what is it?
The Federal Government has unveiled its HomeBuilder package, offering $25,000 for people to upgrade or build their homes.
The eligibility criteria are reasonably tight, with the Government expecting about 27,000 homeowners or builders to access the scheme as outlined by ABC News.
Am I eligible?
On a basic level:
• be a natural person (not a company or trust);
• be aged 18 years or older on the contract date;
• be an Australian citizen;
• be below one of the following two income caps: $125,000 per annum for an individual applicant based on their 2018-19 taxable income or later; or $200,000 per annum for a couple based on their combined 2018-19 taxable income or later.
• enter into a contract from 4 June 2020 up to 31 December 2020 to either: build a new home as a principal place of residence, where the property value (i.e. house and land) does not exceed $750,000; or substantially renovate an existing home as a principal place of residence, where the renovation contract is greater than $150,000 and does not exceed $750,000, and where the value of the existing property (i.e. house and land, before renovation) does not exceed $1.5 million.
How do I apply?
You will be able to apply for HomeBuilder through your relevant State or Territory revenue office or equivalent authority, once the State or Territory Government that you live in (or plan to live in) signs the National Partnership Agreement. States and Territories will backdate acceptance of HomeBuilder applications to 4 June 2020 once the National Partnership Agreement is signed. You should contact your relevant State or Territory revenue office for more information about when and how you will be able to apply for HomeBuilder.
Should you meet the criteria, there is still a handful of requirements on the contract side.
For instance, your contract needs to be negotiated at a fair market price, to prevent people from asking their builder to puff up the costs so you can access the grant. You can't ask your favourite uncle to do the work, with the scheme requiring you have no special relationship with your contractor, such as being related. All works need to be conducted by a registered or licensed builder, depending on your state or territory.
What types of dwellings are eligible under HomeBuilder?
All dwelling types (house, apartment, house and land package, off-the-plan, etc) are eligible under HomeBuilder, in accordance with the requirement that the owner-occupier must contract to build a new dwelling or substantially renovate their existing dwelling. The applicant must also meet the eligibility requirements outlined above
You can register your interest via the treasury:
For more FAQ’s go to https://treasury.gov.au/coronavirus/homebuilder
If you require more information contact Email [email protected]