JUST RELEASED: Government Home Builder/Renovator Grants!

News
June 5, 2020


It’s time to put your best foot forward, if you have been looking to get ahead and purchase a new
home or putting off that renovation, you can now access $25,000 from the government!

Here are the facts and figures relating to the Federal Government’s Stimulus Package rolled out from
June 4th:

This grant is a total of $25,000 and eligible for singles earning less than $125,000 and couples on a
combined income of under $200,000. More than 80% of households should fit within this income
test. The grant will be paid when you make your first progress payment.

For First Home Buyers:

The $25,000 grant is ON TOP of any existing state and territory First Home Owner Grant programs,
stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan
Deposit Scheme and First Home Super Saver Scheme. For a First Home Buyer this could be up to a
total of $40,000.

For New Home Builds:

If you are building a new home, it must be worth less than $750,000 including the land. This also
MUST be for your principal place of residence (i.e the home you always live in).

Building contracts need to be executed between 4 June and 31 December 2020 and work must start
within three months of the contract date.

For Renovators:

If you are planning to renovate an existing property, it MUST worth less than $1.5 million. You must spend more than $150,000 and less than $750,000 on the renovation. This grant is NOT available for investment properties and owner-builders. NOT available for companies or trusts, those who are not Australian citizens or people under 18 years of age. Building contracts need to be executed between 4 June and 31 December 2020 and work must start
within three months of the contract date.

The renovation must be “to improve the accessibility, safety and liveability” of the home. It can be
used for kitchen and bathroom renovations carried out by licensed contractors, but can NOT be for
used additions such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages.

It is estimated that with every $1 invested in home building activity, it provides $3 to the wider
economy, great news for all involved in the process.

How Much Can I Afford?

To find out how much you can borrow today and to talk about how we can help you access new
build property options in line with these government grants; book in a time to speak with a
member of the Ramsey Property Wealth Team by clicking the link below or call 1300 001 215.


LEARN MORE

Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. Information in this article is correct as of the date of publication and is subject to change.