Professionals Real Estate 
The HomeBuilder scheme explained
If you’ve been thinking about building or renovating then chances are you’ve heard about the Federal Government’s new HomeBuilder scheme, which is offering up cash grants of $25,000 for those who enter a building contract by the end of the year 2022.
This is the first time the federal government has offered up cash to help people renovate their homes, and so it’s not surprising that a lot of people are taking steps to take advantage of this limited offer.
Are you eligible?
We know what’s on the table, but who can take advantage of it?
The Homebuilder scheme is available to owner-occupiers planning to build or substantially renovate a home.
To be eligible you also need to be an Australian citizen aged 18 or over and earning less than $125,000 a year as an individual, or less than $200,000 as a couple based on your 2018-19 tax returns or later.
How much do you need to spend?
The scheme is only on offer for those planning on building a new home valued up to $750,000 (including land) or undertaking a renovation valued between $150,000 and $750,000, so long as the value of the existing property isn’t worth more than $1.5 million.
What else do I need to know?
If you think you meet all of the above criteria then you’ll need to enter into a building contract by December 31, with work to commence within 3 months of the contract date.
The great thing about HomeBuilder is that it is available for all dwelling types, however it should be noted that the scheme is not to be used for renovations that aren’t connected to the home (i.e. things like swimming pools, carports, sheds or saunas).
Owner builders and those seeking to build or renovate investment properties are also ineligible.
How do I go about applying?
You need to apply for HomeBuilder through your relevant State or Territory revenue office or equivalent authority, and they will then pay the grant directly to the homeowner.
To find out more visit treasury.gov.au/coronavirus/homebuilder.
