On 4 June 2020, the government introduced a new Homebuilder Grant for new home builds and renovations in a bid to help rejuvenate the economy from the effects of COVID-19 by means of a tradie-led recovery. The grant is capped at $25k, and can be used for both home building and renovations, as long as you are eligible for the scheme. It will be offered for contracts entered into between 4 June 2020 to 31 December 2020, and construction must commence within three months of the contract date. Below, the eligibility requirements for the Homebuilder Scheme:
- Be 18 years or older
- Be an Australian citizen and apply as an individual, not a company or trust
- Have an income of less than $200,000 for couples, and $125,000 for individuals
- Be building a home worth less than $750,000, including land value, or;
- Be spending $150,000 to $750,000 on a home renovation on a property valued at a maximum of $1.5 million
It’s important to note that the tax-free grant applies to all owner-occupiers, including first home buyers, and that all dwelling types, from homes, apartments, to off the plan, are eligible under the scheme, as well. However, keep in mind that the grant cannot be used for additions to the property that are not connected to your home. This includes, but is not limited to, sheds, garages, swimming pools, and tennis courts.
It’s important to note that once it is ensured that you fulfill the eligibility requirements, HomeBuilder will be available to you, and to anyone who successfully applies, meaning that there has been no final costing given to cap off this grant.
So what does this mean for your property? Whether you’re an owner-occupier who’s more than happy with your existing property, but wish to update a few aspects, or a new home builder wanting to build your forever home, this grant could be well-suited to your needs. Want a new bathroom? How about updating your kitchen or living areas? Maybe you want to invest in high-quality materials from the very beginning. Depending on your property, this might just be what you need to make sure your home suits your personal style to at. Certain materials, such as timber, may not have been in your options because of perceived added costs – but with the HomeBuilder grant, you may find that you’ll be able to actualise your timber flooring dreams without worrying as much about the price, so your home turns out just the way you want it.
It’s important to note that a lot of builders and building companies are raising their prices as a result of this HomeBuilder scheme. Here at Kustom Timber, we’re staying true to our values and keeping our prices just as they were before the announcement of the grant, because we want to make sure that Australian families are able to install the beautiful timber flooring of their dreams without breaking their budget.