This week the Federal and State governments have launched new stimulus payments to encourage new home builds and larger scale renovations. But while the cash might look attractive up front, it requires you to stump up a fair bit of cash first.
It will be great for some people, but you may not be better off. If you need a hand navigating the options and seeing if they help your individual circumstance, feel free to contact us directly.
Federal Government : The HomeBuilder $25,000 bonus.
HomeBuilder will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020. Construction must commence within three months of the contract date.
Do you qualify for the Federal Government’s HomeBuilder scheme?
Australian citizen aged 18 years or older and be an individual, not a company or trust.
On an income of less than $200,000 for couples, and $125,000 for singles.
Spending between $150,000 and $750,000 on a renovation for a home that has been previously valued at less than $1.5 million; OR
Building a new home worth less than $750,000.
The property must be your principal residence i.e it cannot be an investment property.
The build or renovation must be with licensed builders.
Tasmanian Government : Home Builder Grant of $20,000
$20 million The Government currently offers $20,000 to first home owners who build their own home or buy a house and land package. To support the building and construction sector the Government will make a $20,000 grant available to all owner occupier new home builds for contracts entered into from today until the end of 2020 and the build completed with eighteen months. This will provide new owner-occupier home builders with $20,000 towards the cost of a new build or the purchase of new house and land package.
Queensland Government Information
The Office of State Revenue is working to make HomeBuilder available for Queenslanders as soon as possible. We will update this page with information on eligibility and how to apply when it’s available or you can start a conversation with Jedd in Mackay on 0400 560 859 or Geoff on the Gold Coast on 0412 242 267 – and they can personally let you know when there are any new announcements.
You might also be eligible for other home owner grants:
So, are you better to find land and build? Or simply buy and renovate?