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Any information contained in a blog on this website is general in nature only. The content of any blog posted below reflects information which is known to us as at the date of the posting of the blog. Please be aware that the law regularly changes. Please do not rely on the general information contained in the below blogs, instead we recommend that you contact us to obtain legal advice tailored to your own specific situation.

 

Jun23

HomeBuilder Grant - new builds and renovations

Amanda Quin - Tuesday, June 23, 2020

 

If you are building a new home or substantially renovating an existing home which is or will be your principal place of residence then you may be eligible for a $25,000 grant under the HomeBuilder program.

You do not need to be a first home buyer to be eligible to receiver a HomeBuilder grant, but if you are first home buyer, then you may be able to obtain this grant on top of other first home concessions.

Eligibility Criteria in NSW

Each Applicant must be an Australian Citizen who is 18 years old or older (not a company or trust). 

The Applicant(s) must meet one of the following two income caps:

  • $125,000 per annum for an individual applicant based on their 2018-19 tax return or later; or
  • $200,000 per annum for a couple based on both of their 2018-19 tax returns or later.

The Applicant(s) must enter into a building contract between 4 June 2020 and 31 December 2020 to either:

  • build a new home as a principal place of residence, where the property value (house and land) does not exceed $750,000; or
  • substantially renovate their existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of the existing property (house and land) does not exceed $1.5 million.

 

Construction must commence within three months of the building contract date.

The registered or licensed builder may need to demonstrate that the contract price for the new build or substantial renovation is no more than a comparable product (measured by quality, location and size) as at 1 July 2019.

If the contract is for renovations then the building works must improve the liveability, accessibility or safety of your home (ie swimming pools, sheds and similar structures not connected to the house will not count).
 

NB Owner-builders and those seeking to build a new home which will be used as an investment property, or renovate an existing home which is an investment property, are not eligible.