Cash Grants for Home renovation and construction – HomeBuilder Package

04 Jun Cash Grants for Home renovation and construction – HomeBuilder Package

By Di Williams

2 min read  , 4 June 2020

The Federal Government has announced today the HomeBuilder Package with the hope that it will inject funds into the economy and provide the kick start that is needed to get our sluggish economy moving again with job creation and spending.

The HomeBuilder Package is a new $688-million housing stimulus package aimed at sparking property market activity.  Owner occupiers can receive $25,000 to put towards renovations or building a new home.

The new HomeBuilder package applies from June 4 to 31 December 2020. 

To be eligible for the HomeBuilder scheme:

• singles need to earn $125,000 a year or less based on a 2018/19 tax return or later and couples need to earn under $200,000
  
• Building contracts need to be executed between 4 June and 31 December 2020
  
• To qualify, people need to be intending to build a new home as a principal place of residence valued up to $750,000 including the land OR

• are planning to renovate an existing property, with the upgrade valued at between $150,000 and $750,000

• Existing properties need to be worth less than $1..5m before the renovation

• and construction must be contracted to commence within three months of the contract date

The HomeBuilder grants can be used for kitchen and bathroom renovations carried out by licensed contractors, but cannot be for used for add-ons like swimming pools, tennis courts, outdoor spas and saunas, and detached sheds or garages.

The grants cannot be claimed for investment properties, and owner-builders are also ineligible.

If you would like further information or to discuss your finances for property purchase, renovation or a review of current loans please reach out

Di Williams 0410 338 231
diwilliams@reachforth.com.au