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HomeBuilder: The $25,000 Cash Grant & Criteria
The construction industry is facing a difficult future with many builds placed on hold. On Friday afternoon, Prime Minister Scott Morrison announced $25,000 cash grants for those building a new home OR undertaking significant home renovations. There are conditions that must be met to obtain the cash grant, named “HomeBuilder”. The contract to build or renovate must be signed between 4 June 2020 and 31 December 2020, and construction needs to commence within 3 months of the contract date.
There are eligibility criteria that need to be met.
The Criteria
Owner-occupiers must meet the following criteria:
- You must be a natural person (not a company or trust).
- Aged 18-years-old or older.
- Be an Australian citizen.
- Meet the following 2 “income caps”:
- $125,000 per annum for an individual applying (based on the individual’s 2018-19 tax return or later)
- $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 principal place of residence) where the property value does not exceed $750,000, OR
- Substantially renovate your existing home (as principal place of residence) with a renovation contact valued between $150,000 and $750,000, and where the value of your property does not exceed $1.5 million.
- Construction works must commence within 3 months of the contract date.
It is expected that $680 million will be dedicated to the HomeBuilder initiative.
How We Can Help
Ryan Murdoch O’Regan Lawyers are experienced assisting clients across a range of property law matters. Our experience includes, but is not limited to, building and construction law, property contracts, conveyancing, covenants, easements, manufactured homes, survey plans and property disputes.
Our team of lawyers are experts in their field and go above-and-beyond to deliver the best result, each and every time.
We are proud to provide 5 star customer service to our clients.
Contact Us
Property law problems? Purchasing, selling or transferring property? Get the best representation. Contact Ryan Murdoch O’Regan Lawyers on 1800 999 529, email mail@rmold.newwebsite.live or submit an enquiry below.
We are available to meet with you at any of our local offices (Brisbane, Gold Coast, Beenleigh, Cleveland and Jimboomba) or by telephone or video-conference.
Instant 24 Hour Quote Directly To Your Mobile
- Text BUYING to 0408 738 668
- Text SELLING to 0427 501 601
Reference
HomeBuilder Fact Sheet, The Treasury, Australian Government, 4 June 2020
This article is for your information and interest only. It is not intended to be comprehensive, and it does not constitute and must not be relied on as legal advice. You must seek specific advice tailored to your circumstances.
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