What the Government’s Home Builder scheme means for you

In an attempt to inject Australia’s construction industry with a much needed boost, the government has announced its HomeBuilder scheme. In a nutshell, the scheme will see qualifying Australians receive a $25,000 cash grant to go towards home renovation or new home building.

There are a few key restrictions incorporated into the new HomeBuilder scheme. Meaning you either will or won’t qualify for the cash boost. Here’s what you need to know: 

HomeBuilder key information:

– The HomeBuilder grant will be income tested and will be available to individuals making less than $125,000 a year, and couples making less than $200,000 a year.

– Your build will be eligible if you plan to build a new home valued below $750,000 (including land value) 

– Or for renovations that have a pre-renovation value of less than $1.5 million and with a renovation contract valued between $150,000 and $750,000

– The renovation works must improve the accessibility, safety and liveability of the dwelling

– Investment properties are not eligible for the grant

– Applicants cannot use the grant for any additions such as a pool, tennis court, spa, sauna, shed or garage

– You must employ builders to complete the build. You will not be eligible if you plan on completing the build or renovation yourself

– Construction must begin within three months of the signed contract date

– To qualify, you must enter into a new contract between June 4th and December 31st 2020.

One important aspect of this new HomeBuilder scheme is that you can access the HomeBuilder grant on top of any existing grants or exemptions. Such as the First Home Buyers grant. This does differ slightly from state to state. So make sure you check in with your State Government for specific details outside of Victoria. 

What’s next?

The HomeBuilder’s grant comes as a breath of fresh air for many that have been planning on building or renovating for some time. If this sounds like you. It might mean you are ready to take the next step and start looking for a builder. Choosing your builder can be make or break for the success of your build, so make sure you read up on our handy tips for choosing your ideal builder. For information on the best builders in the business in the Shepparton and Goulburn Valley just give our team a call. We’ll be able to point you in the right direction.