A dream gift of $25,000 making home ownership possible for thousands of Australian families was announced today through the government’s new HomeBuilder scheme. Those who qualify stand to receive the handout towards their new home construction or renovation.
The program is designed to help builders, tradies and the construction industry withstand the fallout from Covid-19 and give a helping hand to people buying or improving their home.
Prime Minister Scott Morrison said it is for keeping the dream of building alive.
“Twenty-five thousand dollars to support those Australians whose dream it was to build their home or to do that big renovation,” Mr Morrison said.
The $25,000 is only offered for a short time, ending on 31 December 2020, so it acts as a stimulus while it is really needed, giving aspiring candidates a short window to take advantage.
If you’re building there is a wide range of properties that qualify, from house and land packages or building on your own land to off-the-plan units.
For renovators, it’s aimed at projects that improve your home’s accessibility, safety and liveability. For instance, new bathrooms, kitchens or extensions are fine, but a swimming pool or shed wouldn’t cut it. You could even knock your old house done and build your dream home, as long as the project ticks the boxes.
Importantly, the scheme is not just for first home buyers, it’s for everybody who qualifies.
But if you do happen to be a Western Australian first home buyer, the $10,000 First Home Owners Grant could take it up to $35,000 with even more benefits if you managed a spot on the the First Home Loan Deposit Scheme.
So, who exactly qualifies for the $25,000 HomeBuilder grant? Here are the facts.
Do you qualify? If you can tick these boxes you qualify
- Australian citizen
- Earn up to $200,000 if you’re a couple
- Earn up to $125,000 if you’re single
- The property will be your permanent home (not an investment)
- The property will be in your own name/s (not a trust or company)
Does your build qualify?
- Building a new home
- Building contract signed 4/6/20 to 31/12/20, then start within 3 months
- Build value up to $750,000
- Using a licensed builder (licences for more than 6 months)
What can you build?
- House & land package
- Build on your own land
- Buy and build
- Demolish and build
Does your renovation qualify?
- Using a licensed contractor
- Your home is worth less than $1.5 million
- Your renovation cost is between $150,000 and $750,000
- Renovations on structures attached to your home
- Contracts signed 4/6/20 to 31/12/20, then start within 3 months
- Does your renovation improve the accessibility, safety and liveability?
Where do I go from here?
If you you’d like to see if qualify or need help FINANCING, BUYING or BUILDING your property, please call us on (08) 9381-7450 or contact us here.
You will have Australia’s Buyer’s Agent of the Year on your side, using their experience and skills to ensure you get the home you want at the best possible price.
If you want to learn more about property investment strategies, or you’d like to clarify your investment strategy and goals, why not request our 4 Strategies Download to get the ball rolling.
Property Wizards believes everyone has the right to the knowledge to help you accumulate wealth, no matter your background, education or income.
We can help you unlock the potential of the real estate market for your family through savvy property selection, and negotiation.
Regardless of market conditions, our research, local knowledge, and access to silent sales means we find the ‘hidden gems’ that can outperform the market in capital growth and rental returns for long term wealth creation. Importantly, we’re able to provide property investors and homebuyers with the same level of representation that property sellers have benefited from for years.
Your property portfolio is your path to financial freedom and the lifestyle you’ve been longing for.
Property Wizards takes away the stress of buying a property and saves you money at the same time. We can show you how, or you can sit back and let us do all the hard work for you. It really depends on the amount of time you’d like to put in.
If you have an interest in building your wealth through property, then call us on (08) 9381-7450, or send us a contact request.
And, if you’re already contemplating how to tackle the property market in Perth, why not download our free Property Investing – A Beginners Guide.
We think you’ll find it invaluable.
Please note, this post is not financial advice and is general, not aimed at your personal situation.