Will you benefit from the new HomeBuilder grant?

Last week, the government announced a new HomeBuilder grant to inject more life into the residential construction market across Australia.

So how much is this grant?

The HomeBuilder grant is a $25,000 time-limited program to home owner-occupiers who are either building a home or substantially renovating one.

This grant applies if you are buying a new home worth no more than $750,000, or renovating your current home for between $150,000 and $750,000.

How long is the scheme running for?

The HomeBuilder grant will be available for building contracts signed between June 4 and December 31, 2020, and where construction or renovation starts within three months of the contract date.

What’s the catch?

This scheme has a number of specific caveats. The key one is that the construction price of the new home must be between $150,000 and $750,000.

There’s also the time limit which basically restricts eligibility to within the next nine months so you will need to move quickly.

What next?

To find out more about the HomeBuilder grant, learn more about the eligibility criteria or understand if this scheme could suit your financial circumstances, get in touch with us today.

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Disclaimer: The information contained herein is general in nature and does not take into account individual situations, needs or goals. It should not be relied upon and persons should satisfy themselves through independent means that any decisions based on this material are appropriate. We recommend that you consult with your adviser who will be able to make a recommendation based on your specific circumstances.

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