What Is The New 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.
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