The Australian Federal Government has announced the new HomeBuilder Scheme to support the residential construction sector. As a result, eligible Australian can receive up to $25,000 to assist in the construction or renovation of their homes. The HomeBuilder Scheme is available in conjunction with the First Home Owners Grant (FHOG), the stamp duty concessions, and other Federal grants.
In saying this, you do not have to be a first home buyer to take advantage of the HomeBuilder Scheme. It is also important to note that the HomeBuilder Scheme will not apply to investment properties. In addition, property owners who intend on building or renovating on their own (owner-builder) without the help of builders will not be eligible for the grant.
Eligibility for the HomeBuilder Scheme
- Applicant must be an Australian citizen
- Applicant must be aged 18 years or older
- Only applicable to owner-occupied properties. It should be noted that off-the-plan apartments are also acceptable.
- Construction must commence within 3 months of the contract date
- Taxable income must be below the following thresholds –
- $125,000 per annum for individuals
- $200,000 per annum for couples
The HomeBuilder Program requirements:
The HomeBuilder Scheme is a tax-free grant which is only available for a limited time. Therefore, it is important that you act quickly to take advantage of the grant.
Get in touch with our Mortgage Team
For more information on the HomeBuilder Program, please contact your Pacific Finance Broker via email@example.com or give us a call on (08) 9321 2120. To make it easier to understand all the Housing Grants currently available, the Pacific Team has consolidated the latest Federal and State Housing Grants into an eBook.