Renovation grants $25000 Home Builder Australia
The homebuilder scheme will run between June and December and aims to create a pipeline of construction work, Homebuilder Australia.
The Morrison government will fund grants worth $25,000 for eligible singles and couples planning to build or renovate homes between June and the end of December, with the uncapped program estimated to cost taxpayers $688m.
To be eligible for the grants, singles need to earn $125,000 a year or less based on a 2018/19 tax return or later, and couples need to earn under $200,000. Building contracts need to be executed between 4 June and 31 December 2020.
To qualify, people need to be intending to build a new home as a principal place of residence valued up to $750,000 including the land, or planning to renovate an existing property, with the upgrade valued at between $150,000 and $750,000.
The āhomebuilderā grants can be used for kitchen and bathroom renovations carried out by licensed contractors, but cannot be for used for add-ons like swimming pools, tennis courts, outdoor spas and saunas, and detached sheds or garages. The grants cannot be claimed for investment properties, and owner-builders are also ineligible.
The new Home Builder program will see the government offer Australians $25,000 to build or renovate a home. It comes with conditions including using external tradesmen and spending at least $150,000 on renovations. The work must commence within three months of the contract date, and doesn't extend to external projects like pools and sheds.
"This is about targeted taxpayer support for a limited time using existing systems to ensure the money gets used how it should by families looking for that bit of extra help to make significant investments themselves,ā the prime minister said.
The $688 million Home Builder package is available to owner-occupiers who sign a contract to start building or substantially renovating their property after June 4.
WHEN WILL I RECEIVE HOMEBUILDER?Ā
Home Builder grants will be paid by the relevant State or Territory authority provided the applicant meets the eligibility criteria.
AM I ELIGIBLE TO RECEIVE HOMEBUILDER AUSTRALIA?
To access Homebuilder, owner-occupiers must meet the following eligibility criteria:
Ā You are a natural person (not a company or trust); You are aged 18 years or older; You are an Australian citizen; You meet one of the following two income caps: $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; orĀ $200,000 per annum for a couple based on both 2018-19 tax returns or later; You enter into a building contract between 4 June 2020 and 31 December 2020 to either:Ā build a new home as a principal place of residence, where the property value (house and land) does not exceed $750,000; or substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property (house and land) does not exceedĀ $1.5 million; Construction must commence within three months of the contract date.
I AM NOT A FIRST HOME BUYER ā CAN I ACCESS HOMEBUILDER?
Yes. Provided you meet the eligibility criteria, you can apply for a Home Builder grant. However, Home Builder is not available for investment properties or to owner-builders.
WHEN WILL I KNOW IF MY HOMEBUILDER APPLICATION IS SUCCESSFUL?
The relevant state or territory administering agent will notify you of the outcome.
How you will be able to apply will become available through the relevant State or Territory revenue link below ;
Loans and Mortgages are the best Mortgage broker firm in Australia specializing in approaching financial services. We offer our services in Hobart, Launceston, Burnie, Devonport, George Town, Penguin, Smithton and near by areas of Tasmania. Our services are also extended all over Australia. For more details call us on 0403 803 470.
