What unprecedented times we are living in!
Global social and business shutdowns with COVID 19, and nationwide unrest in the U.S…. then just as things start to open up locally, the Morrison Government throws the Australian economy a huge lifeline!
Uncapped, time limited, tax-free $25,000 grants for home building projects!
So what does this ‘HomeBuilder’ scheme mean for you and how can you take advantage of this fantastic opportunity?
In a nutshell if you are planning on renovating your own home (or building a new home) with a project value over $150,000 and start in the next 6 months then the Government is going to chip in $25K. Now that’s better than a poke in the eye with a blunt stick as they say!
- But of course the devil is in the detail, here’s some of the qualifying criteria:
- You must be below the income thresholds:
- $125,000 per annum for an individual applicant or
- $200,000 per annum for a couple based on 2018-19 tax returns or later
- You must enter into a building contract between 4 June 2020 and 31 December 2020 to either:
- build a new home as a principal place of residence, where the property value (house and land) does not exceed $750,000;
- or substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property (house and land) does not exceed $1.5 million
- Construction on the project must commence within three months of the contract date, giving us the absolute latest possible start date for projects of 31st March 2021
- And some more fine print just to be sure:
- You must be
- a natural person (not a company or trust);
- aged 18 years or older;
- an Australian citizen;
- Owner Builders will not be eligible,
- New homes which will be used as an investment property, or renovating an existing home which is an investment property will not be eligible
- Tennis courts, pools or sheds will not be eligible
So Thankyou ScoMo! There literally has never been a better time to create your forever home, Interest rates are at historic lows and you now have the opportunity to receive a massive $25K incentive.
But time is of the essence, Contracts must be signed before end of December and available slots are filling up fast.
So what are you waiting for? Let's talk about your dream home!