Owner occupiers and first homebuyers could take advantage of a new 25k Federal Government HomeBuilder grant to renovate or build a home.
Here is some of the base criteria:
- A single applicant for the grant cannot earn more than $125,000
- A couple’s income is capped at $200,000 a year
- Builders can apply when their principal place of residence is valued up to $750,000
- Renovations need to be valued between $150,000 and $750,000
- The dwelling value must not be more than $1.5 million prior to the renovation.
The $25,000 grant must be used towards the cost of building or renovating a property by the end of 2020.
There are a range of considerations refinancers should address when applying for the grant and financing their build or renovations, including:
- Am I eligible for the grant including income thresholds and total value of renovations?
- Can I access other state government grants or incentives to run in parallel?
- Are there savings to be made by switching to another loan to finance my renovation or build?
- What is the benefit of switching from a principal and interest to an interest only loan to finance the build or renovation?
Federal Housing Minister Michael Sukkar, however, said HomeBuilder was already doing what it was intended to do, with more than 37,000 Australians so far registering their interest in the program.
“HomeBuilder is proving to be the catalyst for first-home buyers and families to purchase a new home, or undertake a major rebuild, that they may have put off earlier in the year,” Mr Sukkar told The New Daily.
If you have any questions or queries about the HomeBuilder Scheme, please don’t hesitate to contact me today for a FREE 15min chat 🙂