All you need to know about the $25,000 HomeBuilder grant Covering the basics of the scheme
Christian Mc Karthy | On 17, Jun 2020
The Morrison Government’s much anticipated and HomeBuilder grant is here at last – and it looks promising. The grant will give you the ability to build new homes or carry out renovations of your old home. The grant is completely tax-free, and it isn’t just for people looking to buy a new home. It’s for all owner-occupiers, which is excellent for countless Australians out there.
What you need to be eligible for the grant
- You should be an Australian citizen
- The grant will only be provided to individuals, not companies and trusts
- To be eligible your income needs to be under $200,000 (if you are a couple) and $125,000 (if you are an individual)
- Your renovation spend must be between $150,000 and $750,000, for a house home that had been valued at under $1.5 million
- If you are planning to construct a new home, it’s worth should be under $750,000 (the land’s value should be included in this amount)
- You must be able to start the construction or renovation of the new house within three months from the date of the contract
The scheme encompasses every dwelling type like houses, apartments, house & land packages, off the plan, and so on. However, if you are planning to either renovate your home or build a new one for investment purposes, you will not be eligible for the scheme. The same thing goes for scenarios where you might want to make additions to the property that are independent or not connected, like a swimming pool, an outdoor spa, a shed, a garage, and so on.
The government will only be offering the scheme for contracts that fall between 4th June 2020 and 31st December 2020. The program will cost the government around 680 million dollars – an amount that means they will be able to facilitate this grant to 27,000 people, give or take.
More than 8,000 Australians have already signed up for the grant, and the tally is increasing rather exponentially every day. It is expected that the HomeBuilder grant will end up injecting more than $15 billion back into the Australian economy, not to mention improving the situation of the construction industry of the country. The construction industry is one of the most significant contributors to the Australian GDP, and the economy might benefit from this grant in the long run.
There are several grants, concessions, and other schemes being run by the Australian government at the moment, and the HomeBuilder adds on to that rather nicely. Considering the COVID-19 situation, Australians are not just having difficulty maintaining a steady flow of cash coming their way, and they are also having trouble in managing their assets and doing renovations for their homes. This grant solves a problem Australians will be thankful for, and it looks as promising as one can be at this point!
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