The Coronavirus have affected so many people’s lives as well as the property market. As a result, the government has just come up with the HomeBuilder grant. The HomeBuilder grant is a time-limited grant program to help the residential construction market to bounce back from the Coronavirus crisis.
This grant will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home. It also can be used to substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020. Construction must commence with a licensed builder within three months of the contract date.
You will only qualify for the grant if you’re spending $150,000 or more on a renovation. In addition to that you must also meet an income test. For new home builds, the value of the property must be $750,000 or less. For renovation on existing property, the property must have a value previously at $1.5 million.
The grant is not available for investment properties or owner/builder.
To view the Government’s Fact Sheet on HomeBuilder, click here.
You can also learn more about negotiating house prices to get in the market sooner!