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.