You probably saw the news recently, with Scott Morrison being told by a regular Australian to get off his lawn while holding a press conference, spruiking the new Homebuilder grants. What is the Homebuilder you may asking yourself? Well, read on and in the next few short paragraphs I will try to explain what it is and why I love what it can do for you.
The Homebuilder grant allows eligible owner-occupiers (including first home buyers) the opportunity to build a new home, or substantially renovate an existing home, with a grant of $25,000. This is designed to further stimulate the economy and give the building and construction industry a shot in the arm during difficult times.
As this grant is designed to complement existing grant programs already in place, first home buyers will be able to get $25,000 plus the $15,000 first home buyer grant already in place. That’s $40,000 for new home buyers to enter the market by building a new home! (Now you can understand why I love it, right?).
Of course, there are eligibility requirements in place. Aside from being Australian and over 18, during 2018-2019 an individual applicant cannot have earned more than $125,000, while couples cannot have earned more than $200,000. You will also need to enter into a building contract between 4 June-31 December 2020 and commence construction within three months of the contract date.
Furthermore, you need to ensure that when building your new home (to live in, I’m sorry Mr Investor), the property value does not exceed $750,000 or if renovating your home that you currently live in (again, sorry Mr Investor), the value of your home cannot exceed $1.5 million and the renovation contract needs to be between $150,000 and $750,000.
Why do I love what this can do for you? Simple. Buying a new home generally requires a decent deposit. At present, especially during these tougher times, people may need help to get their foot in the door. If you are a new home buyer, being able to obtain upwards of $40,000 in grants is a significant saving and a massive leg up for those trying to enter the market. Not to mention the additional work this is going to give our building industry which has suffered a slowdown over the past 12 months.
Get in touch with me for a no obligation chat about how I can help you take advantage of this offer!