Now is the perfect time to get started on building or renovating your home. We all know the new HomeBuilder Program, worth $680 million, was announced by the Federal Government on June 4, 2020. This program offers eligible owners (including first-time homebuyers) a $25,000 grant to build or extend their homes or renovate them.
This HomeBuilder scheme is a limited-time program that will help the construction sector recover from the COVID-19 crisis. It will be a complement to existing grant programs for first-time homeowners, stamp duty concessions, and other grant schemes offered by the State and Territory.
How does the HomeBuilder Program work? When and how to apply. Information on how and when to use is only available from the State or Territory Revenue Office when the National Partnership Agreement has been finalized. I think the information will be released soon. Before signing any contract, people interested in applying should first check their eligibility.
What is the HomeBuilder Program?
- Only Australian citizens who are 18 or older and natural persons can apply for the scheme.
- This scheme is only applicable to contracts signed between June 4, 2020, and December 31, 2020.
- Construction must begin within three months after the contract date.
- The program is means-tested. This means that you must meet one of the income caps: $125,000 for an individual applicant based on 2018-19 taxable income or $200,000 for a married couple based upon both 2018-19 taxable earnings.
- Available only for principal residence
- The types of renovations are limited, such as tennis courts and swimming pools, which are excluded. There is also a cap on the total value.
Both first-time home buyers and investors can benefit from the professional knowledge and extensive research that has been conducted in this field. I think 2020 is the best time to invest in the real estate market. You will not only get government incentives, but you can also take advantage of historically low-interest rates.
Credit Hub is here to assist you if you want to know how to take advantage of the HomeBuilder Program or low-interest rate in a crisis. Please get in touch with us and tell us what you’re thinking. We will help you reach your goals and dreams.