The HomeBuilder Scheme is the $25,000 Stimulus to your Home Renovation or Building Journey.
Christmas has come early for some Australian’s wanting to build or renovate their homes, with the Federal Government announcing the HomeBuilder grant. But is it too good to be true? Are you even eligible? Read on to learn more about how this stimulus package relates to you and how you can level up your home.
What is the HomeBuilder Scheme?
As part of the economic response to the coronavirus, the Commonwealth Government will hand eligible property owners $25,000 grants to build a new house or significantly renovate an existing home. To the eligible Aussies, it may feel like Christmas, but for the construction industry it’s a welcome breath of fresh air and for our nation’s Covid-19 crippled economy it’s a financial lifeline.
Get in while you can!
The goal for the HomeBuilder Scheme is ‘Keeping the dream of homeownership alive’ says Mr. Morrison. And it appears to be working. Sarah Webb and Kate Burke from Domain says land and property sales are skyrocketing since the stimulus package was announced.
And of course let’s not forget the good ol’ construction sector, set to benefit from the cash injection. But it’s not just chippies and sparkies soaking up all the monies. This stimulus will have further-reaching implications on timber mills, solar companies, manufacturers and suppliers of building materials. The package is predicted to create millions of jobs in this industry.
The tricky bit is that the HomeBuilder Scheme has a relatively small application window. For instance, if you are looking to buy now, you are looking at just six short months to get yourself sorted with finances, finding the right land/home for you, negotiating price, settlement periods, choosing a reputable construction company and signing contracts. Phew! Better get cracking.
Good news though is that projects with a focus on Livability and Universal Housing get special recognition, as this is now a nationally recognised goal for housing in our beautiful country. And for Brisbanites, this is especially good because they have us! O’Shea and Son’s Builders are industry recognised leaders in this field of Specialised Housing with awards and finalist placing in the 2019 and 2020 Award Seasons! With us on your side for the planning of your renovation or build, we can help you look pretty in the eyes of the Scheme and make your home the best version of itself for your family and the future.
Are you Eligible?
So who can get their hands on this 25 grand? Well, to access this grant you must meet some strict selection criteria:
- You have to be a real-life person (so no companies, no trusts, etc.), be 18 years or older, and be an Australian citizen
- Have an income of less than – $200,000 (couples) or $125,000 (individuals).
- Be spending between $150,000 and $750,000 on a renovation – must be the primary residence and the total house and land value must be less than $1.5M OR Be building a new home worth under $750,000 in house and land value for you to live in.
- You have to enter into a contract with a builder between 4 June and 31 December 2020
- You have to start construction within 3 months of the contract date
So to be clear, you can’t use the HomeBuilder grant for investment properties, and registered licensed builders must be used.
Want to double-check if you’re eligible? Check out these case studies to find an example that sounds familiar to your situation.
How Can You Get it?
Now, you probably want to know “How do I access the HomeBuilder Grant”?
Well, that’s the 25,000 dollar question everyone wants to know right now. According to the government Treasury, eligible Aussies will be able to apply for the grant once their relevant State or Territory authority has signed the National Partnership Agreement with the Commonwealth Government. So, for now, keep visiting business.gov.au to stay in the know or better yet, start a conversation with us and we’ll keep our ears to the ground so that you don’t miss out!
For more info on the HomeBuilder grant, or to get vamoosing on your new or renovated house, contact O’Shea and Son’s Builder’s – we don’t want you missing out.