Get a $25,000 boost to your home renovation or build budget
The Australian Government is currently offering eligible homeowners a $25,000 grant to renovate or build a new home. If you’ve been planning to build your dream home, or renovate your property to turn it into the home of your dreams, now could be the perfect time.
Under the new HomeBuilder scheme, homeowners will need to spend a minimum of $150,000, up to a maximum of $750,000, on their renovation or build project. The value of the property must be less than $1.5 million to qualify for the grant.
What’s covered and not covered under HomeBuilder?
The HomeBuilder grant is tax-free and available to both owner-occupiers and new home builders. It can be used to renovate or build all types of dwellings, including houses, townhouses, apartments, house and land packages and off-the-plan purchases.
However, the grant does not apply to investment properties or where owners are doing all of the work themselves without the help of a builder. Importantly, the grant can’t be used to build any additions that aren’t connected to the main dwelling, including things like garages, sheds, pools and spas.
Eligibility for the HomeBuilder scheme
Renovations need to be substantial to qualify for the scheme, with total expenditure between $150,000 and $750,000 on a renovation for a home that has been previously valued at less than $1.5 million. New home builds can be valued up to $750,000, including the land value.
The scheme is also means tested, with eligible recipients earning an income of less than $200,000 for couples, and $125,000 for singles.
To be eligible for the HomeBuilder scheme, you must also be an Australian citizen aged 18 years or older and be an individual, not a company or trust.
The scheme runs from 4 June to 31 December 2020, and construction work must commence within three months of the contract date to qualify for the grant.
Getting your funds together
The HomeBuilder scheme has a minimum spend requirement of $150,000, so eligible homeowners may want to release equity in their home, or borrow funds to pay for the renovations or new home build.
Community First has a range of loan options designed to make this process as simple as possible.
Our low rate Home Improvement Loan is designed for homeowners who have been dreaming of renovating their home. Create more space, or upgrade your kitchen and bathroom with this unsecured loan. Find out more about the Home Improvement Loan on our website.
If you’re looking to purchase land and build your dream home, or you simply want to unlock some of your existing equity to fund your home improvement project, check out our Basic Variable Loan or Fixed Rate Home Loan.
Ready to get started?
Our home loan specialists are available to answer questions and help you get the loan that’s right for you. Request a call back online today, and one of our friendly team will be in touch shortly.
Last updated: 18 June 2020
The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.