Most people already know about the First Home Owners Grant (FHOG) but have you heard of the HomeBuilders Grant?
The HomeBuilder Grant is for both individuals and couples with $25,000 to put towards the construction of your new home or substantially renovating an existing home that you will own and occupy.
This can be a great boost to first home buyers or a foot in the door for people who want to turn their existing property in to an investment property.
Eligibility
This criteria applies to everyone, whether applying as an individual or as a couple.
- You must be an Australian citizen at the time you apply.
- You must be at least 18 years of age. (Companies and trusts cannot apply.)
- You must not have previously received a HomeBuilder Grant in any state or territory of Australia.
- Your 2018–19 or 2019-20 annual taxable income must be below:
- $125,000 for an individual or $200,000 for a couple.
- You will be the registered owner on the title after completion or settlement.
- The home will be your principal place of residence after completion or settlement.
- The contract is signed between 4 June 2020 and 31 December 2020 to:
- buy an off-the plan or new home valued at $750,000 or less and construction had not started before 4 June 2020
or - build a new home valued at $750,000 or less (house and land)
or - substantially renovate an existing home, where
- renovations cost between $150,000 and $750,000
and - value of property (house and land before renovation) is less than $1.5 million
- renovations cost between $150,000 and $750,000
- buy an off-the plan or new home valued at $750,000 or less and construction had not started before 4 June 2020
If this sounds like you then speak to a finance specialist.
“Got any questions the FAA Team are here to help!”
John Hehir