$25k Home Builder Scheme – Find The Details Here

HomeBuilder proffers suitable owner-occupiers with a reward of $25,000 to construct a new home or broadly renovate the existing one. HomeBuilder is supporting the residential construction market by encouraging the initiation of new home constructions and renovations.

The $688 million scheme will produce direct jobs for a number of workers associated with the housing sector and will aid in balancing the economy. The scheme will make it possible to make a purchase for those buyers who perhaps were not able to manage earlier. They can now acquire a bigger block or be capable of having a more extensive kitchen or home.

Finally, after weeks of thinking, the complete details of the Morrison Government’s much-awaited new HomeBuilder scheme have been announced.

WHO WILL BE ELIGIBLE FOR THE SCHEME

According to News.com.au, In order to leverage the scheme, you are required to fulfill the following criteria

1. You are required to be an Australian citizen with the age above 18 years.
2. You are required to be an individual and not a company or trust.
3. Your income must be under $200,000 (for couples) and $125,000 (for singles).
4. You are willing to build a new home having a total value of less than $750,000 including the land value.
5. You are willing to renovate a home having a total worth of less than 1.5 million and will be settling the renovation amount in between $150,000 and $750,000.

All the residence types such as a house, apartment, house and land package, etc. will be permitted to leverage the scheme. However, the properties that are not attached to the home such as swimming pools, tennis courts, garages, or sheds will not avail the grant.

If an owner, builder, or someone is looking to construct a new home or renovate the existing one with an aim to develop an investment property then the scheme is not for him. 

One of the most important characteristics of the scheme is it is not only for the first home buyers, in fact, all the owners/occupiers will be eligible for the tax-free grant.

The scheme is for a limited period of time and benefits will be awarded for those contracts that are entered into between a time period of 4 June 2020 and 31 December 2020 and the construction must begin in three months of the contract date.

WHAT THE GOVERNMENT SAYS 

Prime Minister Scott Morrison is enthusiastic to observe the people of the nation employing the HomeBuilder grants as this will eventually aid in keeping a number of tradies on the work. He says

“If you are planning to stop the renovation or new construction work, the additional $25,000 we’re placing on the counter accompanying with significant low-interest rates which means that it is the right time to do it. This grant is not only helping Australians to construct their dream homes but it is also about making the jobs available to above one million individuals associated with the sector. These include builders, painters, plumbers, and electricians struggling for work across the country”.

HOW TO APPLY

You can apply for the HomeBuilder Grant by your associated State or Territory revenue office or similar authority, however, the State or Territory Government that you dwell in or planning to dwell in should sign the National Partnership Agreement first.

CONCLUSION

The construction work was significantly falling down due to the adverse effects of COVID 19 which was making a huge number of workers jobless. Hence, it became really important for the government to do something in order to keep the ball rolling.  Luckily, the introduction of the $25k home builder scheme has open the doors for loads of work for the workers associated with the industry.

Expectedly, the $25k HomeBuilder grants offered by the government are adequate to kick off new builds and renovations again and will push the workers back to the work. 

However, we are the ones who are trying to add more benefits to the scheme by giving an extra benefit of $10,000 to the house owners. Get in touch with us today to leverage an amazing discount of $10,000 and get the job done that too without compromising the quality of the work!