Landing Page Hero back

Home Renovations & the HomeBuilders Grant - What You Need to Know

If you have been dreaming of a home renovation but keep putting it off, now is the time to stop dreaming and start building.

In the wake of the CV-19 virus, the Australian Government has released a stimulus package to help the economy recover by supporting the building industry, which is the lifeblood for many family businesses around Australia who are doing it very tough.

This comes in the form of a one-off $25,000 payment for eligible people and renovation projects.

The concept is fairly simple, the government will be providing funds to those wishing to do a substantial renovation on their home, however there are some eligibility requirements and timelines involved that you need to understand. These are required so people do not take unfair advantage of the situation.

Please see below a list of requirements for you to access the HomeBuilder grant:

About You:

To access HomeBuilder, owner-occupiers must meet the following eligibility criteria:

  • you are a natural person (not a company or trust),
  • you are aged 18 years or older,
  • you are an Australian citizen;
  • you meet one of the following two income caps: $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or $200,000 per annum for a couple based on both 2018-19 tax returns or later.

About the Renovation:

  • the home you are renovating must be your principal place of residence (not an investment property)
  • the value of your existing property does not exceed $1.5 million pre-renovation,
  • the renovation contract value must be between $150,000 and $750,000
  • You may not use the funds for additions that are not connected to the home, like swimming pools, sheds, garages, tennis courts, etc.
  • You must use a licensed builder to carry out the work

About the Timing:

  • the contract must be signed between 4 June 2020 and 31 December 2020,
  • the building work must start withing 3 months of signing the building contract.

About Applying:

  • At this stage, the application process has not yet been finalised. Applications will be submitted through your state government, so keep an eye out for important communications in the coming weeks.

For further information, see HERE , and for a list of FAQ's, see HERE

For any more questions, please see your local Smith & Sons Office which can be found HERE

 

Landing Page Hero 2

DISCLAIMER: All information correct at time of writing. Smith & Sons does not take into account your financial and personal circumstances in this article, so please seek independent legal and financial advice before signing any building contracts.