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!
If you want to know more about your home loan or construction loan options please leave your details below and we will be in touch.
