WHAT THE GOVERNMENT’S HOMEBUILDER PROGRAM COULD MEAN TO YOU
With interest rates at all time lows, now is a great time to start building. While the fall out from COVID-19 is still reverberating around the construction industry, the government’s new HomeBuilder Program will give the industry a boost.
While there are a number of conditions to eligibility, you can’t argue that $25,000 will make a difference to a lot of people when budgeting for their new home or undertaking major renovations to an existing one.
In a nutshell, the non-taxable grant is for owner occupiers with a house and land value up to $750,000 or renovations to their existing home with a building contract value of between $150,000 and $750,000 (with house and land value not exceeding $1.5M prior to renovations). You must be an Australian citizen over 18 years old (not a trust or company) and earn no more than $125,000pa for an individual or $200,000pa for a couple based on the 2018/19 financial year or later. You must also have a contract signed and dated before 31st December 2020 and begin construction within 3 months of the contract date.
This grant is in addition to the First Home Owners grant so, if you’re a first time home owner and meet all the other criteria, you could be eligible for up to $40,000 in financial assistance. Not to be sneezed at.
So now’s the time to get all your ducks in a row and be ready to take up this offer. The more prepared you are prior to going to contract, the better you’ll be able to adhere to the time constraints of the grant. There are other documents to prepare before you get to the stage of signing a building contract – site inspections, geotechnical and soil tests, engineering and construction drawings, council and private certifier documentation, etc. All the things you need to have before the builder can start to build your home, and that’s assuming you already have your land.
Drake Home Consultants can help you with this pre-build process. Our consulting service is complimentary and will give you the best chance of having your new home built with the least amount of stress, delays and unexpected extra costs. You still get to choose the builder you prefer, but we organise all the other requirements on your behalf so you can keep in control by having a single point of communication. Building your new home doesn’t need to be a drama.
We also have a number of house & land packages that all qualify for the HomeBuilder grant. You can view them on our website https://www.drakehomeconsultants.com.au/home-land-packages/.
Get in touch with us if you’d like any more information or jump onto the website. We’d love to hear from you.