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Taking Advantage of the NSW Governments ‘HomeBuilder’ Program

By now, most people have now heard about the Australian Governments ‘HomeBuilder’ program, but let’s break it down.

HomeBuilder is a limited time offer put together by the Australian Government to help the residential housing market to bounce back from the lag caused by the Covid 19 Pandemic. In times of uncertainty, the housing market is often one of the first areas to reflect a downturn, but with this incentive, you could potentially kickstart your dream home with a $25 000 boost!

HomeBuilder will provide eligible applicants with a grant of $25 000 (tax free) to contribute to the build of a new home, the knockdown and rebuild of an old home, or the substantial renovation of an existing home. This dwelling must be owner-occupied, meaning that investment properties are off limits. To be eligible, the owner-occupier must meet the following criteria:

  • Be a natural person (not a company or trust);
  • Be aged 18 years or older
  • Are an Australian citizen
  • Meet one of the following two income caps:
    •  $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or
    • $200,000 per annum for a couple based on both 2018-19 tax returns or later
  • You enter into a building contract between 4 June 2020 and 31 December 2020 to either:
    • build a new home as a principal place of residence, where the property value does not exceed $750,000; or
    • substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million.
  • Construction must commence within three months of the contract date.

It is also worth noting that if you already own vacant land that you purchased before 4 June 2020 that you may still be eligible for the grant.

The HomeBuilder scheme complements the existing First Homeowners Grant Program, as well as any other grant schemes, stamp duty concessions and the First Home Loan Deposit & Super Savers Schemes. Whether you are starting out and looking to build your first home, wanting to knockdown and rebuild a bigger home, or to downsize… there is no reason not to act now and take advantage of the limited time HomeBuilder grant.

Need to speak to someone? Call Pase Homes today for an obligation free chat to Ryan Pase, Builder and Director of Pase Homes.

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