What’s better than building a brand-new house? Getting financial assistance to build a brand-new house! The Australian Government is aiding owner-occupiers who want to build new by providing a $25,000 HomeBuilder Grant that’s administered by Revenue NSW. The Grant is also available to those who plan on undertaking a major renovation to an existing property or who purchase a new, off-the-plan property.
Of course, there’s an eligibility criteria that applicants must meet to be approved. The following will give you a brief idea of the standards that need to be met to be considered eligible:
- The individual must be an Australian citizen aged 18 years or older.
- The individual must earn less an income of less than $125,000/year.
- A couple (legally married or domestic relationship) must earn a combined income of less than $200,000/year.
- The property must have a total value of less than $750,000.
- Renovations on existing homes must exceed $150,000.
- The value of the home cannot exceed $1,500,000 pre-renovation.
- The Grant cannot be used towards swimming pools, garages, tennis courts and other specific renovations.
- The eligible contract must be signed by 31 December 2020, and construction cannot have commenced before 4 June 2020.
- The owner must occupy the property as their principal residence for a continuous period of six months.
- The owner must occupy the property immediately after the completion of construction or renovation.
The HomeBuilder Scheme has been put in place with an intent to have the construction industry bounce back after the blow of the Coronavirus pandemic. The idea is to stimulate real estate and support over one million jobs in the residential industry of NSW.
At New Edge Homes, we want our clients to get the most value from their build and reap the benefits of any government funding that they may be eligible to. If received, the Grant is not taxed and, for home owners building new, will be paid after the first progress payment has been made to the builder and after construction has commenced.
If you have been thinking of building an affordable double storey home in the Greenfield areas of NSW, contact us on 1300 817 634 today and let an expert of the New Edge Homes team guide you through the simple process. The full eligibility criteria of the HomeBuilder Scheme can be found here and the application can be found here. Applications close on 31 December 2020.