NEW HomeBuilders $25,000 grant on the table!
The HomeBuilder grant is a $25,000 grant for owner-occupiers (including first home buyers) who build new homes or carry out substantial renovation projects.
The grant reflects the building industries call on the Government to provide support for the housing industry to limit the impact of COVID-19 and bring forward housing activity into the second half of 2020. HomeBuilder is a time-limited grant program that will avoid a significant drop in housing starts and jobs in these testing times.
While the full details of the scheme are still coming to light we can provide you with the following information.
Eligible Building Work
- The incentive will be available to eligible owner-occupiers for contracts entered into between 4 June and 31 December 2020.
- Construction must commence within three months of the contract date.
- The maximum value of an eligible new home building contract is $750,000 including the land.
- The value of a home renovation project must be over $150,000 and up to a maximum of $750,000. The existing home must have a pre-construction valuation that confirms the improved value of the property before work commences is less than $1.5 million.
- Renovation projects must be connected to the use of the home as a principal place of residence, e.g. pools, sheds, garages, and the like are excluded.
- Renovation projects will need to improve the accessibility, safety and liveability of the dwelling. At this stage, no more details are available on what this may mean.
- White Building Co as a registered builder must demonstrate that the contract price for the new build or substantial renovation is equivalent to the cost of comparable building work on 1 July 2019.
Eligible Owner Occupiers
Eligible owner-occupiers must meet the income thresholds that apply under the First Home Loan Deposit Scheme – being an income of up to $125,000 for singles and up to $200,000 for couples, along with the other requirements of the First Home Loan Deposit Scheme that apply to Australian citizens and age.
Unfortunately, owner builders will not be eligible for the incentive.
How will the grant be administered?
- The grant will be administered by each State & Territory revenue office.
- The grant will be paid directly to the owner-occupier by the office of revenue after the first progress payment.
- The grant will complement the existing first homeowner grant programs in each state and territory, along with any stamp duty concessions and other grant schemes that are made available to homeowners. The grant will also be available to anyone accessing the First Home Loan Deposit Scheme for a new home.
Information about how home owners can apply for the grant will also be made available through the relevant State and Territory revenue offices websites.
A message from the White Building Co family
As of the 2020 White Building Co has been in business for 28 years. My son Brent and I have a combined qualified building experience of 54 years! We have sustained success in business throughout the highs and lows of the industry and economy. We are proud to be here in business and to undertake each building project that comes our way. In light of the recent stimulus announcements, we want to reassure all our current and potential customers that we are transparent and will not inflate any of our current practices to absorb this economic stimulus. We will continue to operate as we do with the same objective in mind, building to your budget, engaging local trades and producing quality outcomes. We are here to stay!
If you need a reason to request a quote from us, we hope this does the trick.
White Building Co