Just following up from my conversation with Tom and Jess on the radio, I’m sure you’ve all heard about the new HomeBuyers scheme, but if you haven’t here is the story so far as we know it, the $25,000 incentive is given to those to assist in building a home. This is all about protecting construction jobs and the housing market, but of course, not everyone can be given $25,000, so there is a little bit of criteria you need to meet in order to receive the incentive. Here is what we know so far:
– You must live in the home you are intending to build or renovate
– You must be over the age of 18 and an individual (this means not a company or trust, although couples can buy etc)
– You must be an Australian citizen
– Be on an income of less than $200,000 for couples, and $125,000 for singles.
– Sign the building contract between the 4th of June 2020 and the 31st of December 2020
– If you are building a new home, the value of the new property (including land) must not exceed $750,000
– If you are renovating your existing home, the renovation contract must be between $150,000 and $750,000 and the value of your home prior to renovating must be worth less than $1,500,000
– Construction must commence within 3 months of the contract date
So, if tick all those boxes here’s what you need to know..
- You can use the HomeBuilder Scheme in conjunction with other schemes, which means you can still get a First Home Owners Grant, stamp duty concession or similar
- HomeBuilder is not like the First Home Buyers deposit that run out quicker than we would have liked, this scheme is only time-limited and the budget for this is completely uncapped.
- This grant cannot be used for additions to the property, such as swimming pools, tennis courts, sheds garages granny flats etc..
- Renovations and building must be completed by a builder that was registers at the time the scheme was announced (4th of June 2020)
- You can’t have any special relationship with your contractor, such as being related
- DIY jobs are out of the question: the work must be done by a licensed builder, not an owner-builder.