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HomeBuilder

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The Australian Government has announced HomeBuilder scheme to provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. The contract must be signed between 4 June 2020 and 31 December 2020. Construction must commence within three months of the contract date.

 

Here are the eligibility requirements:

 

  • The applicant must be an owner-occupier;

  • The applicant is a natural person (not a company or trust);

  • The applicant is aged 18 years or older;

  • The applicant is an Australian citizen;

  • The applicant meets one of the following two income caps: 1) $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or 2) $200,000 per annum for a couple based on both 2018-19 tax returns or later;

  • The applicant must 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 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 does not exceed $1.5 million;

  • construction must commence within three months of the contract date.

 

The renovation works must be to improve the accessibility, safety and liveability of the dwelling. It cannot be for additions to the property such as swimming pools, tennis courts, outdoor spas and saunas.

 

If you are a first time home owner, you may be eligible for the HomeBuilder together with the First Home Owner Grant and stamp duty concessions as well as the First Home Loan Deposit Scheme and First Home Super Saver Scheme.

 

The terms of the contract should be commercially reasonable and the contract price should not be inflated compared to the fair market price. Renovations or building work must be undertaken by a registered or licenced building service contractor.

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Eligible applicants need to contact the local State Government if they want to apply for the HomeBuilder grant. 

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Vincent Wan

CPA, Registered Tax Agent

June 2020

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