homebuilder grant valuation

An Update to the Homebuilder Grant

On the 29th of November 2020, the Federal Government extended the Homebuilder program to the 31st of March 2021.

There are a number of key dates that need to be noted:

  • 4th of June 2020 – 31 December 2020 – enter into a contract between these dates to renovate, build a new home or buy an off the plan house/new house to be eligible for the original $25,000 grant.
  • 1st of January 2021 – 31st of March 2021 – enter into a contract between these dates to be eligible for the $15,000 grant.
  • 14th of April 2021 – submissions must be made by this date irrespective of when the eligible contract was signed.

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.

For further information on whether or not you meet the eligibility, please visit the treasury website here:

https://treasury.gov.au/coronavirus/homebuilder

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