The Australian government has just announced a HomeBuilder scheme that will provide eligible owner-occupiers (including first home buyers) with a tax-free grant of $25,000. Good news if you are wanting to build a new home or renovate an existing one!
To access this grant, owner-occupiers need to meet the following criteria:
- You are a natural person (not a company or trust);
- You are aged 18 years or older;
- You are an Australian citizen;
- Your building contract is entered into between 4 June, 2020 and 31 December, 2020;
- You build a home as a principle place of residence where the house and land value does not exceed $750,000 OR you substantially renovate your existing principle place of residence and the renovation contract is between $150,000 and $750,000 and the value of your existing property does not exceed $1.5million;
- Construction commences within three months of the contract date;
- You meet one of the following two income caps:
- $125,000 p.a. for an individual based on your 2018-19 tax return or later;
- $200,000 p.a. for a couple based on both 2018-19 tax returns or later.
To find out more, visit the Australian Government website.
With interest rates at an all-time low, now is the perfect time to take advantage of this opportunity. Get in touch with us today to discuss your eligibility and how we can help you with a competitive home loan.
Useful reading: Costs to consider when setting a renovation budget.