Fulfill your dreams about renovating your existing or owning a new home!
On the 4th of June 2020, Scott Morrison announced the Homebuilder grant which provides eligible owner occupiers with a grant of $25,000 to build, renovate substantially or buy an off-the-plan home/new home. A new home is one that has not previously been sold or occupied as a place of residence, (e.g. spec build) and where construction commenced on or after 4 June 2020. This program is expected to provide around 27,000 grants at a cost totalling to around $680 million.
This scheme aims to help economic recovery to help both tradies stay in the job and to help Australians with their dream home. With over 1 million workers in the sector including Builders, Painters, Plumbers and Electricians, this scheme will help keep the construction industry going. Record low interest rates, coupled with the extra $25,000, provides a great option for those who have been thinking about further investment.
The HomeBuilder Grant also compliments existing state and territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, in addition to the Commonwealth’s First Home Super Saver and First Home Loan Deposit schemes.
To be eligible for the HomeBuilder Grant, you must:
- Be an Australian citizen aged 18 years or older and be an individual, not a company or a trust.
- An Australian citizen at the date of application.
- Earn an income of less than $125,000 or $200,000 for couples on either your 2018-19 or 2019-20 taxable income.
- Be spending between $150,000 and $750,000 (inclusive of GST) on a renovation that has been previously valued at less than $1.5 million
- Be building a new home worth less than $750,000 (house and land)
It must be noted that renovations or additions to the property must be connected to the house and that any external improvements such as stand-alone granny flats, swimming pools, tennis courts, outdoor spas, saunas, sheds or stand-alone garages are not included.
How can Vanguard Valuations assist you in securing this Grant?
If you think that your property is valued around or below the $1.5 million mark and unsure if you will be eligible for the grant, a valuation by a Certified Practicing Valuer would be a place to start. We have noticed a softening in the overall market in the months following the shutdown due to Covid-19 and this is reflected in our market commentary and valuation figures. There is only a limited time to take advantage of this opportunity which will not only help you with your either extending, rebuilding or renovating your property but in our slowing economy, will also help the community in a positive way.
So please do not hesitate to send us an email or call us on 1300 359 886 to book in your valuation for the HomeBuilder Grant today.