Thinking of Building or Renovating? If you qualify, you could be $25k better off as of today!
The government has finally announced the details of the $25k Home Builder Grant and the eligibility criteria is as follows;
– For New Homes – The value of the home should not exceed $750,000 including the land and construction
– For Renovations – The value of the renovation must be between $150k – $750k and the most recent valuation of the property cannot be more than $1.5mil
– All buyers/owners must be Australian Citizens 18 years or older and cannot be a company or trust
– Income must be less than $125k p.a. for individuals or $200k p.a. for couples
The grant is applicable for all home owners/buyers rather than just first home buyers and can be for any type of property. This also is in addition to the current grants and offers available including;
– $10k new home grant (NSW) for first home buyers
– Stamp Duty Discounts for First Home Buyers
– First Home Loan Deposit Scheme
This means your deposit could be significantly reduced and entering the property market may happen sooner than anticipated!
There are other terms which must be adhered to in order to qualify which includes;
– Not available to owner builders or DIY – The work must be carried out by a licenced builder
– Cannot be used for additions to the property that are not connected to the home, such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages.
– The grant is only for contracts entered into from the 4th of June 2020 and the 31st of December 2020
If you are thinking of building or renovating and will require finance to do so, the process can differ from a standard home loan, so if you’d like to know more, please call us now on 1800 3 PEASY or email us on hello@peasy.com.au