Scott Morrison announces Federal Government's $25,000 Home Builder Grants that are now available to new home builders - here's what you need to know:
- $25,000 available to new home builders or home renovators for contracts entered between June 4 and December 31, 2020 (it can be backdated to June 4)
- Value of the new home build must be less than $750,000 and must be built as your principal place of residence (i.e. investment properties are not eligible for HomeBuilder)
- Homes alone – not unit purchases – are eligible for HomeBuilder
- It will be means tested – individuals must earn less than $125,000 per annum and couples less than $200,000 combined per annum (based on your 2018/19 tax return or later)
- You are a natural person (not a company or trust), using a licensed builder that you are not related to
- You are aged 18 years or older
- You are an Australian citizen
- Construction must commence within three months of the contract date
- You need to apply to your State revenue office for the HomeBuilder Grant
