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The federal government announced on 04 June 2020 that a $25,000 grant will be available to owner-occupiers “substantially renovating” or building a new home from 4 June to 31 December 2020, after it unveiled its new $688-million HomeBuilder package.

A national price cap of $750,000 has been set for new home builds, and a renovation price range of $150,000 to $750,000 will apply to renovating an existing home with a current value of no more than $1.5 million.

Those building a new home must also commence construction within three months of the contract date.

The grants will also be means tested, with the government setting income caps of $125,000 for singles and $200,000 for couples. An applicant’s eligibility will be based on their latest assessable income.

The stimulus is designed to breathe life into the residential property market, which is facing a prolonged downturn off the back of the COVID-19 crisis.

According to Treasury.gov.au,

“All dwelling types (house, apartment, house and land package, off-the-plan, etc) are eligible under HomeBuilder, in accordance with the requirement that the owner-occupier must contract to build a new dwelling or substantially renovate their existing dwelling. The applicant must also meet the eligibility requirements outlined above.”

Get in touch today to find out how we can help

Finance Circle Group
Nirosh Weerasinghe 0401 976 188
Chamila Suraweera 0402 927 220
Shane Cross 0421 427 272
www.FinanceCircleGroup.com.au
info@financecirclegroup.com.au