For those who are familiar with government grants for home buyers, you'd be happy to know that as of the 17th of July 2020, the HomeBuilder Scheme is up and running.
You can now make formal applications for the $25,000 dollars provided to home builders and renovators who meet the eligibility criteria listed below.
If you are building your first home and previously never owned a house, you can also be eligible to receive the First Home Owners Grant, valued at $15,000 which means you get $40,000 free from the government to use towards your deposit in building a new home.
So what is this program exactly?
This scheme was announced by the federal government as part of its stimulus measures to increase economic activity in the residential building sector. In other words, they want more people building houses so that there is more work for different trades involved in the process e.g. carpenters, electricians and builders etc.
Who is eligible
According to the eligibility criteria published on RevenueSA the following criteria need to be met in order for you to receive the $25,000 towards your new build or renovation. You must:
be a natural person ( not a trust or company)
be at least 18 years of age at the time of the transaction
be an Australian citizen at the time of application (unfortunately permanent residents are not eligible)
be earning less than $125,000 gross income per annum if you are applying alone, or less than $200,000 combined gross income per annum if you are applying as a couple
already own the land upon which you plan to build or substantially renovate, or become the owner of the land upon which the newly built home will be located
Can I build or renovate any house I want?
Yes and No. While the money is yours to build whatever house you want, there are some restrictions on how expensive a house you can build or renovate. If you:
are buying a house and land package, the consideration for the full house and land contract should not exceed $750,000
already own the land and plan to build. The combined value of your land and the building contract must not exceed $750,000
plan to substantially renovate your home, the consideration for full renovations must be atleast $150,000 and not exceed $750,000 and the market value of your house and land must be $1,500,000 or less
are buying a newly built house, the purchase contract must not exceed $750,000
While the above are the main eligibility criteria for those looking to qualify for the new HomeBuilder Grant, there are additional requirements which can be found on https://revenuesa.sa.gov.au/grants-and-concessions/homebuilder-grant. At Duwin our expert team has full understanding of these requirements and can assist you in navigating the complexity so you can be in your dream home sooner.
Just get in touch with us and we can take care of the whole process for you
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