Have you been thinking of renovating your kitchen or bathroom, or even building your dream family home from the ground up? Well, there’s no better time than now with the Australian Government announcing their new HomeBuilder scheme which aims to help boost Australia’s building industry. From now until the end of the year homeowners will be able to access up to $25,000 from the grant to renovate existing properties or to help new builds.
But like all Government grants, there are some T&Cs and requirements that must be met. To help you understand if you’re eligible for the HomeBuilder Scheme, and what you can put your $25,000 grant towards, we’ve put together a quick guide.
Am I eligible?
The HomeBuilder scheme is means-tested, meaning that your eligibility is based on your income that was reported on your 2018-19 tax return (or later). The grant is available to individuals who earn up to $125,000 and couples whose combined income is no more than $200,000.
If you are planning on building a new home, you will only be eligible if the property will be your principal place of residence and the combined value of the house and land does not exceed $750,000.
For those looking to renovate their existing home, the property must not be worth more than $1.5 million before the renovation. The total renovation must also be valued between $150,000 and $750,000.
It’s important to note that this scheme is open to all homeowners who meet the criteria – not just first home buyers.
Who can’t claim the grant?
The HomeBuilder grants are not available to companies or trusts, those who are not Australian citizens or people under 18 years of age. Owner builders are also not eligible, nor can the scheme be used for investment properties.
What can I do with the grant?
Whether you’re renovating your existing home or building a new property, the only grant requirement is that the $25,000 must be used towards work that “improves the accessibility, safety and liveability” of the house. This gives homeowners plenty of flexibility to choose which areas of their home to renovate. You can also use the grant across a combination of works, meaning you can split the $25,000 between kitchen and bathroom renovations.
What doesn’t the grant cover?
The grant can’t be used building or renovating unconnected additions, such as detached sheds, garages, or granny flats, The grant also excludes swimming pools, tennis courts or outdoor spas and saunas.
When does it come into effect?
The scheme comes into effect from 4th June 2020 and is available up until 31st December 2020. The building contract must be signed during this time, and work must commence within three months of the contract date.
How to apply?
Further information on eligibility and application processes for those wishing to access the Commonwealth HomeBuilder grant will be made available shortly through Queensland State Revenue. You can also contact Queensland State Revenue at HomeBuilderGrant@treasury.qld.gov.au or call 1300 300 734.
Other things to note
The scheme will work alongside existing state and territory first-home owner grants programs, stamp duty concessions and other grant schemes. This includes the federal Government’s first-home loan deposit scheme and first-home super saver scheme. Here in Queensland, first home buyers are eligible for $15,000 towards buying or building a new house, unit or townhouse valued at less than $750,000.
If you’re planning on accessing the HomeBuilder grant and are looking at renovating or building your dream kitchen or bathroom, get in touch with our friendly team today! Contact Us
