Firstly, there is an income-cap. For your income to be eligible for the grant, on your own your 2018-2019 tax return (or later) must be below $125,000, or you can choose to able as a couple where your combined income must be below $200,000. The income limit is based on your gross income, before tax and excludes superannuation.
Next, the building contract has to be signed between the 4th of June and 31st of December with a licensed and registered builder and construction works have to be scheduled to begin within 3 months of signing the contract.
Thirdly, three arrangements grant you eligibility.
It has to be a new build home that you will be living in as your own, & the value of the property is not to be more than $750,000. Therefore, the homebuilder grant cannot be used on an investment property.
Or, you are buying off the plan apartment or townhouse that you have signed a contract to buy on or after the 4th of June to the 31st of December 2020, and construction needs to start on or after the 4th of June.
Lastly, it is a substantial renovation to your existing home that you currently live in, and spend between $150,000 and $750,00 on a renovation contract where the value of your home is not more than $1.5 mil.
The government confirmed that to demonstrate the value of your property each state and territories may consider evidence such as a recent contract of sale for the property, a rates notice that identifies the Capital Improved Value, or a bank or independent valuation.
Next you must be the one buying or owning the property, it cannot be in the name of a company or trust.
And lastly, it is only eligible to Australian Citizens.
- Building or renovating an investment property
- Building a new home which the combined land and home value exceed $750,000
- Building a granny flat
- Building an external feature to the home, e.g., pool, tennis court, outdoor spa, sauna, shed, or garage.
- If you are renovating you must have the works completed by a registered or licensed builder, you will not be able to get a friend or individually employed tradesmen to complete the renovation.
- If you choose to use the grant to build a duplex you will only be able to claim one of the properties as tor principle place of residence.
To apply be sure you have your proof of identity, a copy of your contract; dated and signed by you and the nominated registered or licensed builder, a copy of the builder’s registration or license, a copy of your 2018-2019 tax return, documents such as council approvals, building contracts, occupation certificates and evidence of land value.
On top of the government grant, Reno+Co will be gifting a free prelim design package until end of this year for all those projects that qualify for the Home Builder grant. Depending on the size of the project, these prelim design packages worth up to $5000 and they include
- The initial consultation with Ida and Adam
- Design concept boards custom to your home for each area you are wanting to renovate
- Finishes, fixtures and an equipment proposal that is suited to your budget and atheistic.
- A proposed schedule of works
- One-on-one support with Ida
- Trade discount from our range of suppliers
- And lastly a preliminary concept design
To add to this special offer, we can assist you with the Home Builder Grant Application if needed. We can only take on a limited amount of projects, so book your onsite consultation now!