HomeBuilder Grant – An Exciting Bonus for Homeowners
While 2020 has presented us with an onslaught of coronavirus-related challenges, the new HomeBuilder Grant is a windfall that can help add something extra to your home.
COVID-19 has thrown a big spanner in the global economy works, but in Australia we are fortunate to have some grants and supports in place to inject life into vital industries. The recently announced HomeBuilder Grant has been created a much-needed boost for the construction industry.
If you have been thinking about building a new house or undertaking a large-scale renovation on your existing home, the HomeBuilder Grant could be a very welcome top-up to your budget.
So how do you access the new support package? The Eco Grind team is here to sort through the criteria for HomeBuilder eligibility.
What is the HomeBuilder Grant?
Eligible owner-occupiers (including first home buyers) will receive a grant of $25,000 to build a new home or substantially renovate an existing home.
Who is eligible?
Australian citizens 18 years and over who meet the income test, and enter into construction contracts between 4th June 2020 and 31st December 2020, can apply for the HomeBuilder support package. The total contracted works must also meet certain criteria (detailed below).
Income caps
Income caps are based on taxable income for the 2018 – 2019 financial year. The income cap for individual applicants is $125,000 per annum, and for couples is a combined figure of $200,000.
Construction criteria
The grant applies where a newly constructed home is the primary place of residence and the total property value (ie. house and land combined) does not exceed $750,000.
Where applicants are undertaking significant renovation works on a primary place of residence, the renovation contract must be greater than $150,000 but not exceed $750,000. The property value (ie. combined house and land value before renovation) must not exceed $1.5 million.
How to apply
You can apply for the HomeBuilder Grant through your local State or Territory revenue office. For more information, please see the link below.
Think of all the wonderful things you can do with an extra $25,000 in your construction or renovation budget! At Eco Grind, we are already receiving enquiries from Victorians about how they can use some of their HomeBuilder money to add stunning polished concrete floors to their homes.
What once was a dream can now come true for many, as they realise the potential to upgrade their flooring options sooner rather than later.
Eco Grind is one of the country’s leading polished concrete specialists, creating beautiful floors in Greater Melbourne and beyond. We have many years’ experience working closely with building contractors to make the process as seamless as possible.
Get in touch with the Eco Grind team today and get the ball rolling on your own polished concrete quote.