The construction industry is facing a difficult future with many builds placed on hold. On Friday afternoon, Prime Minister Scott Morrison announced $25,000 cash grants for those building a new home OR undertaking significant home renovations. There are conditions that must be met to obtain the cash grant, named “HomeBuilder”. The contract to build or renovate must be signed between 4 June 2020 and 31 December 2020, and construction needs to commence within 3 months of the contract date.
There are eligibility criteria that need to be met.
Owner-occupiers must meet the following criteria:
- You must be a natural person (not a company or trust).
- Aged 18-years-old or older.
- Be an Australian citizen.
- Meet the following 2 “income caps”:
- $125,000 per annum for an individual applying (based on the individual’s 2018-19 tax return or later)
- $200,000 per annum for a couple (based on both 2018-19 tax returns or later).
- You enter into a building contract between 4 June 2020 and 31 December 2020 to either:
- Build a new home (as principal place of residence) where the property value does not exceed $750,000, OR
- Substantially renovate your existing home (as principal place of residence) with a renovation contact valued between $150,000 and $750,000, and where the value of your property does not exceed $1.5 million.
- Construction works must commence within 3 months of the contract date.
It is expected that $680 million will be dedicated to the HomeBuilder initiative.
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HomeBuilder Fact Sheet, The Treasury, Australian Government, 4 June 2020
This article is for your information and interest only. It is not intended to be comprehensive, and it does not constitute and must not be relied on as legal advice. You must seek specific advice tailored to your circumstances.