Are you wondering if you’re eligible for the recently released HomeBuilder Scheme? Homeshelf has the answers you’re looking for.
The Federal Government recently announced that they will provide eligible Australians with a grant of $25,000 to build a new home or significantly renovate an existing home. This scheme aims to stimulate the building and construction sector, enabling builders and contractors to remain employed.
The program is uncapped, meaning that there is no limit to the amount of people who can access the HomeBuilder Grant. The Government projects, however, that approximately 27,000 grants will be issued, equivalent to $680 million.
So, if you’ve been planning on building a new home, now is the time to do it.
Eligibility for the HomeBuilder Grant
If you are planning on applying for the HomeBuilder Grant, there are a few eligibility requirements you must fulfill, including:
- You must be an Australian citizen over 18 years of age
- You must be an individual, not a company or trust
- You must be spending between $150,000 and $750,000 on renovations for a home that has been valued at less than $1.5 million
- Or, you must be building a new home that is worth less than $750,000, including the value of the land
It is worth noting that the HomeBuilder Grant is not just open to first-time home buyers, but is available to all owner-occupants. However, it is not available for investment properties or to owner-builders.
Additionally, all dwelling types will be eligible for the HomeBuilder Scheme, including houses, apartments, house and land packages, off the plan and more.
It is also important to note that the HomeBuilder Grant is only applicable to building contracts that are executed between 4 June and 31 December 2020, and work must begin within three months of the contract date.
While the grant is able to be used for home renovations carried out by licensed contractors, such as for bathrooms and kitchens, it is not able to be used for additions to the property that are not connected to the home, such as tennis courts, swimming pools, sheds or garages, or outdoor spas or saunas.
Impact of the HomeBuilder Scheme
According to Australia’s Treasurer, Josh Frydenberg, it is predicted that the HomeBuilder Scheme will directly support over 140,000 jobs as well as indirectly supporting another one million.
Prime Minister Scott Morrison also noted that, along with the HomeBuilder Scheme, interest rates are at a record low, making now the perfect time to start a new build or renovations that you’ve been putting off.
However, one of the concerns that has been raised in regards to the scheme is that it will attract a lot of ‘cowboys’ – or contractors who ignore health and safety regulations and compromise the integrity of your build or renovation.
As such, when taking advantage of the HomeBuilder Scheme, it’s important that you are discerning when choosing which builders and contractors you hire. Homeshelf can connect you with safe, reliable and experienced builders who best suit your home and land requirements.