The Federal Government's HOMEBUILDER grant for those eligible people wanting to get into the property market by building their home, first home buyers and those looking to renovate their old homes has been a major boost for the Australian economy and helped many in the building industry to get through these crazy times, that could have been disasterous for the industry, and Australia's economy.
The Australian government as most Aussies are aware by now, announced some much needed changes in the HomeBuilder program as a catalyst to propel the economy of Australia forward in these times of crisis.
The deal was/is ... The 'HomeBuilder' applications were provided for citizens above 18 years of age who are eligible owner-occupiers. They have received and are still potentially able to receive a 'HomeBuilder grant' of up to $25,000 for construction of a new house or substantial renovation of their existing house.
However, the biggest takeaway and the cherry on the cake is that the government has substantially increased the construction commencement timeframe to avail the HomeBuilder grant from the earlier 6 months to 18 months after the signing of the eligible building contract. Hear it from the news
You can read the government’s official factsheet here. and the HIA's members alert information page here
For those who have not heard of this scheme before, here is more information.
HomeBuilder is part of a range of initiatives of the Government of Australia created for building confidence in the residential construction industry in Australia, thereby encouraging consumers to proceed with purchases or renovations that may have been delayed due to the uncertainty caused by the COVID-19 pandemic.
Although the HomeBuilder grant applications closed at midnight, Wednesday 14 April 2021, supporting documentation can still be submitted if the HomeBuilder grant application has been lodged. All supporting documentation of contracts must be submitted to the relevant State or Territory Revenue Office on or before 30 April 2023.
HomeBuilder Grant Eligibility criteria
The eligibility criteria for the HomeBuilder grant application are as follows:
• you are a natural person (not a company or trust or builder) who is a citizen of Australia above 18 years or older
• Your income must be below $125,000 per annum income cap for an individual applicant based on your 2018-19 taxable income or later; or $200,000 per annum for a couple based on your taxable income.
• You will receive the $25,000 HomeBuilder grant if you entered into a contract between 4 June 2020 and 31 December 2020 to either build a new residence, on a property with value less than $750,000; or for substantial renovation of your existing place of residence, where the renovation contract price is between $150,000 and $750,000, and the existing property is not valued over $1.5 million (pre-renovation).
• You will receive the $15,000 HomeBuilder grant if your contract was signed between 1 January 2021 and 31 March 2021 for either building a new home as a principal place of residence, where the property value does not exceed: $950,000 if the building is in New South Wales; $850,000 if the building is in Victoria; or $750,000 in all other States of Australia or substantial renovation an existing home as a principal place of residence, where the renovation contract price is greater than $150,000 and does not exceed $750,000.
HomeBuilder grant main benefits
The Housing Industry Association(HIA) of Australia has been working closely with the Government to ensure the enormous success of the HomeBuilder scheme, which will help streamline the building process and delivery of the more than 120,000 homes and renovations, for which contracts have already been signed in Australia now taking advantage of the Homebuilder grant applications. Read the HIA media release here.
Already positive news is in the air as the latest ABS data shows that house commencements in Australia surged by 27.0 per cent in the final quarter of 2020 to their highest level since March 2000 due to the availability of the HomeBuilder grant.
As a local licensed builder, Integrity New Homes Cairns can help you with securing the HomeBuilder grant amount for building or substantial renovation of a house on your property through timely commencement of the building activity on your property much before the construction commencement deadline after signing of the contracts stipulated under the HomeBuilder program.
As a builder that specializes in quality of homes built over quantity, Integrity New Homes Cairns, combine an impressive track record of collective experience in new home construction, especially in areas around Port Douglas, Wangetti, Kewarra Beach, Kuranda, Redlynch, Cairns City, Cairns North, Earlville, and South to Innesfail.
Seize the opportunity to be the owner of your dream abode on your own property. Contact us today to build your new home in the Cairns region.