The Federal Government has introduced a $680 million HomeBuilder scheme in order to stimulate the building and construction industries. From now until 31 December 2020, eligible home owners/occupiers, not just first home builders, will have the opportunity to access a $25,000 tax-free grant to build a new home, or substantially renovate their existing home. To be eligible, applicants must:
- If single, have earned less than $125,000 per annum based on 2018-19 tax return or later, or, if a couple, earned less than $200,000 per annum based on 2018-19 tax return or later.
- Enter into a building contract between 4 June 2020 and 31 December 2020, with construction commencing within 3 months of the contract date.
- Either build a new home as the main residence, where the property value must not exceed $750,000 OR substantially renovate their existing home where the renovation contract must be valued between $150,000 and $750,000 and the value of the home prior to renovations must not be worth more than $1.5 million.