CONSTRUCTION & INFRASTRUCTURE UPDATE: FEDERAL GOVERNMENT ANNOUNCES HOMEBUILDER PACKAGE

CONSTRUCTION & INFRASTRUCTURE UPDATE: FEDERAL GOVERNMENT ANNOUNCES HOMEBUILDER PACKAGE

Author: Ben Robertson

With a view to encouraging the commencement of new home builds and renovations the Federal Government has announced a stimulus package named “HomeBuilder” which is available to eligible occupier-owners, including first home buyers.

With a view to encouraging the commencement of new home builds and renovations the Federal Government has announced a stimulus package named “HomeBuilder” which is available to eligible occupier-owners, including first home buyers.

The HomeBuilder package provides a grant of $25,000 to be used for the construction of a new home or for substantial renovation of an existing home.

We have set out the HomeBuilder criteria below.

Contract Timing

The construction contracts must be signed between 4 June 2020 and 31 December 2020.

Construction must commence within three months after the date of the construction contract.

Eligibility

The eligibility criteria to qualify for the HomeBuilder grant are:

  • Applicant must be a natural person and not a company or a trust;
  • Applicant must be at least 18 years of age;
  • Applicant must be an Australian citizen;
  • Applicant must meet either of the following income caps:
  • $125,000 per annum for an individual applicant based on 2018-19 tax return or later; or

    • $200,000 per annum for a couple based on both 2018-19 tax return or later.
  • Applicant must enter into the building contract between 4 June 2020 and 31 December 2020, and the building contract must be either to:

    • Build a new home as a principal place of residence, where the property value; does not exceed $750,000; or

    • Substantially renovate the Applicant’s principal place of residence where the renovation contract is between $150,000 and $750,000 and where the value of the existing property does not exceed $1.5M.
  • Construction must commence within three months of the contract date.

Next Steps

If you need assistance with the HomeBuilder package please do not hesitate to contact us.

For all enquiries in relation to Construction & Infrastructure matters or advice, please contact our expert team today. 

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