The COVID-19 pandemic has led to a loss of income, tight finances, and other financial concerns among domestic households. This is projected to and has already set back a number of renovation and construction projects planned by many homeowners and those who were previously in the market to buy their first home.
If you fall under this category, there’s a silver lining. The HomeBuilder grant implemented by the government can help you build (or fix) your home without having to set back your plans by a few years while you recover from potential financial setbacks.
What is the HomeBuilder Grant?
With this grant, homeowners are eligible to receiving $25,000 to either build a new home or make renovations to an existing one. If you fulfil the following criteria, you can easily apply for this grant to set down the foundations of your dream home:
- You need to be the owner or occupant of a home or land on which you can build a home.
- You are legally an adult.
- Your individual annual income is less than $125,000 or less than $200,000 if you live in a dual-earning household.
HomeBuilder Grant Considerations for Renovations & Construction
If you are planning on renovating your home and are in need of funding, you need to fulfil the following criteria to be eligible:
- Apart from the $25,000 grant, you need to put in at least $150,000 of your own into the renovation project.
- The property undergoing renovation should have a national price value of less than $1.5 million.
- If you are planning on building a new home, the worth of the home should not exceed the limit of $750,000.
- The intended renovation is meant to improve your quality of life in the home, provide safety for the residents and easy access.
The grant may also be provided to homeowners who plan on tearing down and rebuilding their property due to safety and accessibility concerns.
Where the Grant is Not Applicable
The grant applies to essential construction and renovations and does not include leisurely expenses and additions like swimming pools and other sports and recreational facilities.
The grant is also not applicable in cases where owners build or renovate the property as a form of investment.
How Inspiring Homes Can Help
At Inspiring Homes, our focus is on quality construction, and we can help you design a home that fulfils all your basic needs and more. We also fulfil the legal requirement for the HomeBuilder’s grant, where you are required to work with licensed builders only.
Apply for your grant with the relevant local authority, and as soon as you receive clearance, we can work out your construction contract and get started with building/fixing the space that could be your home for many years to come.
You have until the end of 2020 to apply for this grant and gain substantial financial assistance for your building project.
References
https://treasury.gov.au/coronavirus/homebuilder
https://www.revenue.nsw.gov.au/news-media-releases/covid-19-tax-relief-measures/homebuilder-program
https://www.revenue.nsw.gov.au/grants-schemes/previous-schemes/home-builders-bonus