What does the Victorian HomeBuilder Grant mean for me?
The Federal Governments recent announcement of the HomeBuilder Grant of $25K is welcome news in the middle of this pandemic.
The grant provides eligible owner- occupiers ( including First Home Buyers ) with a grant of $25K to either build or renovate an existing home. This stimulus package is designed to give a much-needed boost to the construction industry and to assist in the creation of new jobs.
To be eligible you must be an Australian citizen, a property – owner and over 18. The grant is available to individuals with an annual income up to $125,000 per year or couples with a combined income of up to $200,000 per year. This grant has provides a unique opportunity for those who previously thought homeownership was out of reach.
The grant is available for all dwelling types, for new homes that do not exceed $750,000 and renovations between $150,000 – $750,000. However, it is only available until the end of 2020.
Some developers are also offering extra incentives on top of the builder’s grant. Metricon are adding up to an additional $45,000* on their Designer series homes. So if you are craving luxury, it might not be out of reach. Whether you go with Caesar stone bench tops, fancy kitchen appliances or a spa bath, it’s entirely up to you. But don’t get too excited, the grant will not cover swimming pools, outdoor spas, tennis courts or sheds.
If you would prefer to spend the extra cash on increasing your home’s energy efficiency, its nice to know the ball is in your court. The grant can fund sustainable home features such as solar power, batteries, insulation and updating your heating and cooling systems. All an excellent way to use the grant and lower your bills.
So what would you do with an extra $25K towards your home? Interest rates are at a historic low and the HomeBuilder Grant runs out at the end of 2020. Now is a great time to look for your dream home.
Other Important details:
- The renovations must be completed by a licensed builder or contractor.
- Renovations must improve the accessibility, safety or liveability of the dwelling.
- Applicants must start construction within 3 months of receiving the grant.
How to Apply:
You can apply for the grant through your relevant State Revenue Office.