The Government have made a recent announcement that lends itself towards bolstering the building industry by issuing a new scheme that will add $25,000.00 to customers building new homes or completing significant renovations.

There are several strict criteria around this new grant that can make it quite difficult to be eligible for this grant.

Speak with our expert broker to help breakdown these criteria further and see where you currently stand.

New Builder Criteria

– Property must be valued at no more than $750,000.00.
– Building contract must be signed between 04/06/2020 – 31/12/2020.
– Building must commence within 3 months of signing the building contract.
– For Singles – Total income must not exceed $125,000.00.
– For Couples – Total income must not exceed $200,000.00.

KEY NOTES
– Cannot be used towards the construction of a new investment property.
– Cannot be used where the builder is deemed an owner-builder.
– This grant is NOT exclusive to First Home Buyers.
– All dwelling type – Apartments, houses, house and land packages and off the plan units are eligible.

Major Renovations Criteria

– Renovation costs must be between $150,000.00 to $750,000.00.
– Licenced builder must prepare a building contract signed between 04/06/2020 – 31/12/2020.
– Building must commence within 3 months of signing the building contract.
– For Singles – Total income must not exceed $125,000.00.
– For Couples – Total income must not exceed $200,000.00.

KEY NOTES
– Cannot be used towards the renovation of an investment property.
– Cannot be used where the builder is deemed an owner-builder.
– Renovations cannot include a new patio, pool or tennis court

If you would like to visit this scheme and your eligibility in further details contact our expert broker to organise a phone or face to face appointment at no cost.