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Will the HomeBuilders Grant effect you?

Posted By Hammertime  
15/10/2020
14:00 PM

HomeBuilders Grant Extended for Victorians

If you have been thinking about a home renovation or extension there has been no better time to embark on this adventure than now! 

To stimulate our economy and aid the recover from COVID-19, the Australian Government announced a $25,000 grant to eligible owner occupiers wanting to build a new home, substantially renovate an existing home or buy an off-the-plan home/new home. Of course, as with all grants, the government placed restrictions and deadlines around this which for Victorians, have now been extended. So what does this mean for you? Simply put, that home renovation or home extension you've been dreaming about is now within arms reach. The addition of $25,000 to the budget may mean the difference of starting a renovation now or in 2 years time! 

We highly recommend visiting the State Revenue Office website and reviewing all the guidelines, as this will quickly tell you if you're eligible or not. https://www.sro.vic.gov.au/homebuilder-grant-guidelines 

We've summarised a few points below, but this does not include all guidelines. 

A few important things to note

  • Grant is for $25,000
  • Grant is to build a new home, substantially renovate an existing home or buy an off-the-plan home/new home.
  • Your renovation (of your principal place of residence) is between $150,000 and $750,000 (inclusive of GST). The value of your existing house and land does not exceed $1.5 million.
  • Eligible contract must be signed between 4th June 2020 and 31 December 2020
  • Victorians have 6 months from the signing of the eligible HomeBuilder contract to commence construction
  • Applications are to be lodged via the online portal
  • $125,000 per annum for an individual based on either your 2018-19 or 2019-20 taxable income, as shown on your notice of assessment issued by the Australian Taxation Office, or
  • $200,000 per annum for a couple based on either your combined 2018-19 or 2019-20 taxable income, as shown on your notices of assessment issued by the Australian Taxation Office.

Remember, visit the State Revenue Office where you will find the above information in detail. 

If you're after a quote or need to kick start your home renovation then contact us via our contact form and we'll be in touch soon.