The Government has announced a $688 million HomeBuilder program in an effort to boost the economy and keep the construction industry afloat, following revealing figures about the country falling into recession for the first time in three decades.
Australians will be offered $25,000 grants to build a new home or start a major renovation – but what are the eligibility criteria?
- You need to be an adult Australian citizen with a taxable income less than $125,000 a year. If you live with your partner, your combined income has to be less than $200,000 per year
- Before the end of the year, you need to enter a contract to renovate or build your main place of residence, with construction to begin within three months of the contract date (no investment properties)
- Major renovations must be valued between $150,000 and $750,000 of your own money, and the house you’re renovating must be valued at less than $1.5 million prior to renovations
- Renovations need to improve the accessibility, safety or liveability of the home and don’t include external work like swimming pools, tennis courts and sheds
- For new builds, the total value of the completed home needs to be less than $750,000, including land
Want to take advantage of the government renovation changes but not sure where you should invest in your home so you don’t over capitalise? We offer a service where we view your home prior to the commencement of any work, review plans with you and provide a pre and post works estimate of the possible market price. This will best equip you in your decision making.
If you would like to discuss how these changes affect you, or simple would like some advice, feel free to contact us on 02 4504 8004.