Since its much-anticipated announcement in early June, we have received an influx of questions from our clients regarding the Australian Government’s new HomeBuilder grant.
This brief note sets out all you need to know about the HomeBuilder grant.
Homebuilder is a government led initiative to cushion and stimulate the residential construction industry from the effects of the COVID-19 pandemic. HomeBuilder aims to encourage the commencement of new home builds and substantial renovations.
How much is the HomeBuilder Grant?
Eligible owner-occupiers (including first home buyers) may be entitled to a grant of $25,000 to either build a new home or substantially renovate an existing home.
Am I Eligible for the HomeBuilder Grant?
To be eligible for the HomeBuilder grant, you must:
• be an Australian Citizen (you must be a natural person; the grant is not available to a company or trust);
• be aged 18 years or older;
• if applying as an individual, have a taxable income of not more than $125,000;
• if applying as a couple, have a combined taxable income of not more than $200,000;
• if you are building a new home that will serve as your principal place of residence, the value of your property must be less than $750,000;
• if you renovating your principal place of residence, the value of your home (prior to the renovation works) must not exceed $1,500,000 and the contract for the renovation works must be between $150,000 and $750,000; and
• sign a contract between 4 June 2020 and 31 December 2020, with construction required to commence on or after 4 June 2020 and within 3 months of the contract date.
HomeBuilder will be implemented by respective State and Territory Governments via a National Partnership Agreement with the Commonwealth Government. The relevant State or Territory revenue offices are expected to release information on when and how you will be able to access HomeBuilder.
An imminent release of information by State and Territory revenue offices, on when and how you will be able to access HomeBuilder, is expected. This briefing note will be updated once further information has been made available.
As always, Rostron Carlyle Rojas Lawyers are dedicated to keeping you updated on the continuously evolving COVID-19 situation. If you would like more information on this briefing note, please contact us today on (07) 3009 8444 or email us at [email protected].