The Australian Government has introduced a $25,000 HomeBuilder grant to help the residential construction market get through the COVID-19 pandemic for the period between 4 June 2020 to 31 December 2020.
This $25,000 grant applies to:
- Building contracts to build your new home with a combined house and land value of not exceeding $750,000.
- Building contracts with a registered builder for renovations to your home of a value between $150,000 and $750,000, provided your home does value does not exceed $1.5m. This includes a "knock down / rebuild" of your existing home.
- Contracts to purchase your new home off-the-plan where the value does not exceed $750,000 and construction did not start prior to 4 June 2020. Completion of your purchase of this off-the-plan home must be settled no later than 31 October 2022.
You must also:
- Be an individual (not a company).
- Over 18 years of age.
- An Australian citizen.
- Have an income of $125,000 per annum or less for an individual or $200,000 per annum for a couple.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
