Good news if you are wanting to build a new home or renovate an existing one! The Australian government has just announced a HomeBuilder scheme that will provide eligible owner-occupiers (including first home buyers) with a tax-free grant of $25,000.
To access this grant, owner-occupiers need to meet the following criteria:
You are a natural person (not a company or trust);
You are aged 18 years or older;
You are an Australian citizen;
Your building contract is entered into between 4 June 2020 and 31 December 2020
You build a home as a principle place of residence where the house and land value does not exceed $750,000 OR you substantially renovate your existing principle place of residence and the renovation contract is between $150,000 and $750,000 and the value of your existing property does not exceed $1.5million
Construction commences within three months of the contract date
You meet one of the following two income caps:
- $125,000 p.a. for an individual based on your 2018-19 tax return or later
- $200,000 p.a. for a couple based on both 2018-19 tax returns or later
To find out more, visit the Australian Government website: Click here
With interest rates at an all-time low, now is the perfect time to take advantage of this opportunity. Get in touch with me today to discuss your eligibility and I can help you with a competitive home loan.
Next steps
If you are eligible, unsure if you are eligible or have any questions, please contact LoanCaddie on 1300 13 22 33 to discuss your situation and apply for a pre-approval.
Further reading:
$1 Lenders Mortgage Insurance (LMI) for First Home Buyers