What Is The New HomeBuilder Scheme?

HomeBuilder Scheme

In this article we will:

• Explain what the HomeBuilder Scheme is; and
• List the criteria you need to meet to qualify.

What is the HomeBuilder Scheme?

It’s an exciting time to be building a new home or renovating an existing one in Queensland. The Australian Government has released a new HomeBuilder Scheme providing eligible owner-occupiers with a grant of $25,000.00 to build a new home or substantially renovate an existing home.

In order to access the HomeBuilder Scheme you must meet the following criteria:

• You must be an individual (not a company or trust);
• You will need to be aged 18 years or older;
• You must be an Australian Citizen;
• You must enter a building contract between the 4th of June 2020 and 31st December 2020;
• You must build a home as your principle place of residence where the house and land does not exceed the value of $750,000.00;
• You substantially renovate your existing principle place of residence and the renovation contract is between the value of $150,000.00 and $750,000.000;
• Your property must not be valued over $1.5 million;
• Construction must commence within three months of the contract date;
• As an individual you earn under $125,000.00 PA based on your 2018-19 tax return;
• As a couple you earn under $200,000.00 PA based on your 2018-19 tax return.

To find out more visit this link. 

If you are thinking of purchasing a new land and home package, contact us for a pre-signing review. We can be contacted on 07 3808 7777, email at business@mclaughlinlawyers.com.au or after hours on 0460 345 690.

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