HomeBuilder scheme: Are you eligible for the Government’s $25,000 cash grant?
The Government's HomeBuilder scheme provides eligible home owners (including first home buyers) with a tax-free grant of $25,000 to build a new home or substantially renovate an existing home. The temporary scheme is available until the end of the year in an effort to turbocharge the construction industry after the COVID-19 crisis.
Who is eligible?
To qualify for HomeBuilder, you must be an owner-occupier (no investors, company or trust purchasers) and meet the following criteria:
- Be an Australian citizen aged 18 years or older
- Be a single person who earns less than $125,000 or a couple that earns less than $200,000 per year
- You sign your building contract between 4th June 2020 to 31st December 2020, and construction must start within 3 months of the contract date
- Owner builders are not eligible
Does my home qualify for the grant?
If you are building a new home, it needs to be valued at under $750,000 (including land). If you’re renovating an existing property, you must be spending between $150,000 and $750,000, so long as the pre-renovation value of the property is below $1.5 million.
Investment properties are not eligible for the grant, and neither are outdoor fixtures like swimming pools, tennis courts, spas, sheds or garages.
How do I apply?
For more information or to see how Bonza Homes can help you contact us today 1800 158 911
Information on when and how you can access the HomeBuilder grant is available through your relevant state or territory revenue office visit treasury.gov.au