27 Jul DREAMING OF THE PERFECT HOME? HomeBuilder Can Help with That!
Are you thinking of renovating or building your dream home?
Would $25,000 grant help make up your mind?
Time to stop dreaming, then!
As part of its economic response to the corona virus pandemic, the federal government has created a stimulus package to assist the residential construction market. It provides eligible owner-occupiers, including first home buyers, a $25,000 grant to either build a new home or substantially renovate an existing home.
It is time-limited, however! Dubbed HomeBuilder, the grant program is designed to encourage the commencement of projects this year to help the residential construction market bounce back from the recent economic downturn.
The good news is, it complements, not replaces, existing state and territory grants and concessions. Eligibility for other home-related programs will not affect eligibility for HomeBuilder, making it tax-free money on top of the usual state government concessions.
In Queensland, those concessions include the $15,000 first home buyer grant for new homes, and a $5,000 regional bonus grant. In Victoria, there’s also a First Home Owners Grant, which provides up to $10,000 in urban areas and up to $20,000 in regional areas.
There has been plenty of interest, with more than 37,000 Australians so far registering their interest for the HomeBuilder Grant.
ARE YOU ELIGIBLE?
So, are you eligible for the $25,000 HomeBuilder Grant? Let’s look at the details.
- Owner occupier
- Contracts that are entered into from 4 June 2020 up to 31 December 2020
- Australian citizens
- Aged 18+
- Income cap of $125,000 for individuals or $200,000 for a combined income
- New build contract does not exceed $750,000
- Substantial renovations (or knock down rebuilds) of at least $150,000 and not over $750,000
- Property does not exceed $1.5 million in value pre-renovations
- All dwelling types including house, apartment, house and land package, off-the-plan, etc. However, if buying off-the-plan or house and land package, building cannot have started prior to July 1, 2020.
- Construction must be undertaken by a registered or licensed building service ‘contractor’ who is named as a builder on the building licence or permit
- Construction must commence within three months of the contract date.
- Investment properties
- Company or Trust
- Builds or renovations commencing prior to July 1, 2020
- Landscaping, swimming pools, tennis courts, Granny Flats and structures that are not connected to the property (i.e. outdoor spas and saunas, sheds or standalone garages).
YES I’M ELIGIBLE! NOW WHAT?
Now you need to engage a qualified building designer that can work with you to get your plans in place, engage a registered builder, enter into a contract before the end of the year, and be shovel-ready within 3 months of signing.
It sounds like a lot, and it is. But Peter Searle Design will not only bring your dream to life, but guide you through the steps you need to take to make that dream a reality.
Peter is licenced in both Victoria and Queensland, and can have your plans ready to go in the time frame required.
Why Peter? Peter is an award-winning designer with a passion for innovative, modern designs that are unique to the individual client, in partnership with the client.
CAN I USE MY HOMEBUILDER GRANT AS A DEPOSIT?
One of the most popular questions about HomeBuilder is, can it be used to supplement a deposit for new builds?
That question has been up in the air since the HomeBuilder scheme was announced in early June. ANZ has now confirmed the grant can be used with them as a part of the home buyer’s deposit when buying a house and land package.
Other big lenders have said they were still working out the details of the scheme but indicated it would be possible, with standard lending criteria still applying.
REGISTER YOUR INTEREST
Visit the Treasury’s HomeBuilder page to find fact sheets and register for updates: https://treasury.gov.au/coronavirus/homebuilder
Queensland is still working through the detail of how the scheme will function. Further information on the application process available in early August through Queensland State Revenue.
You can also contact Queensland State Revenue at HomeBuilderGrant@treasury.qld.gov.au or call 1300 300 734.
Further information on the grant made available shortly through the State Revenue Office Victoria. You can sign up to the State Office Revenue Victoria email update service for up-to-the-minute advice.
I’M NOT READY!
Don’t wait for the HomeBuilder applications to be available to kick start your dream. Time is of the essence and ticking away! Victorians and Queenslanders should enquire with Peter Searle Design as soon as possible to make their dream home or substantial renovation a reality, and be eligible for the $25,000 HomeBuilder Grant.
Remember, you need to have your eligible contract signed by the end of the year and start the project within 3 months of signing.
First Home Owners Grant: https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant
Regional Home Building Boost Grant: https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/regional-home-building-grant
First Home Owners Grant: https://www.sro.vic.gov.au/first-home-owner