Are you eligible for $25000 toward your next home?
To access HomeBuilder, owner-occupiers must meet the following eligibility criterias:
- 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; or
- $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:
- 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 exceed $1.5 million;
- construction must commence within three months of the contract date.
The renovation can be a combination of works (eg, a kitchen and bathroom renovation) but must be supervised by a registered or licensed builder.
Prime Minister Scott Morrison noted that the “average price” for building a new home is $350,000, which suggests houses that roughly double the average will be eligible.
In addition to the grant, this proposed stimulus package would also include funding for renovations to make homes more resilient to natural disasters and funding for commercial programs, such as cladding and asbestos rectification.
This investment isn’t just about helping Australians bring their dream home to life, it’s about creating jobs and helping support the more than 1 million workers in the sector including builders, painters, plumbers and electricians across the country.
We have collated this detailed information about the new grant from e-choice.