The Federal Government today announced the HomeBuilder Package.
4 June 2020
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. HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations.
You will be able to apply for HomeBuilder when the relevant State or Territory Government that you live in, or plan to live in, signs the National Partnership Agreement with the Commonwealth Government.
Some of the facts for you:
- Applies to new builds or substantial renovations
- The property must be your Principle Place of Residence (no investment properties).
- The grant is additional to any other building grants/subsidies, including the First Home Buyers
- The contract must be entered into between 4 June 2020 and 31 December 2020, and construction must begin within 3 months of the contract date.
- Caps:
- Income:
- Couples must have earned less than $200,000 in previous financial year
- Individuals must have earned less than $125,000 in previous financial year
- Property value:
- New build property value cannot exceed $750,000.00
- The House value prior to renovations cannot exceed $1.5 million
- For House renovations the value of the renovation must be between $150,000 and $750,000. The renovation does not include building sheds, granny flats, pools or tennis courts. Attachment to main residence is required.
- The construction must be completed by a licenced or registered builder and be an ‘arm’s length’ transaction
Some standard rules apply so please contact our Lending Division
to talk about how we can assist you to take advantage of this HomeBuilder package.
Ph: 1300 204 781
or email info@mulcahy.com.au
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