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 or $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