GOVERNMENT INCENTIVES FOR HOME BUYERS & RENOVATORS

The Australian government has announced a new grant for $25,000 for all eligible owner occupied (including first home buyers) to build a new home or substantially renovate an existing dwelling. 

CEO Richard Suttie

By Richard Suttie

The Australian government has announced a new grant for $25,000 for all eligible owner occupied (including first home buyers) to build a new home or substantially renovate an existing dwelling.

The grant will apply where you sign a contract between 4 June 2020 and 31 December 2020. Construction must commence within 3 months of signing the contract.

To be eligible you must meet the following criteria:

  • You are a natural person (not a company, trust or superannuation fund)
  • You are at least 18 years of age
  • You are an Australian citizen
  • Your income in not more than $125,000 for the year ended 30 June 2019 or later if you are individual; or
  • You income is not more than $200,000 for the year ended 30 June 2019 or later if you are a couple.
  • You enter into a building contract between 4 June 2020 and 31 December 2020 to either;
  • Build a new home as a principle place of residence, when the property value does not exceed $750,000, or
  • Substantially renovate your existing home as a principle place of residence, where the renovation contract is between $150,000 and when the value of your existing property does not exceed $1.5 million.

The grant is also available to first home buyers, meaning you could be eligible for upwards of $35,000 in government grants to build a home.

 

If you would like to discuss your financial position and your borrowing options to take advantage of this grant please contact our office.

Disclaimer

Richard E Suttie Pty. Ltd. Trading as Suttie Financial Group.

  • 03 9417 3511
  • enquiries@respl.com.au
  • Level 1/1G Marine Parade Abbotsford 3067 Vic

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