With the Federal Government recently announcing a new HomeBuilder scheme, there has been no better time to renovate or build with Campbell Construction Co!
In an attempt to boost new projects, increase demand in the construction sector and keep builders employed, this tax-free grant will offer $25,000 to eligible Australians who want to build a new home or substantially renovate their current one.
It is predicted to support 140,000 direct construction jobs, along with a further 1 million workers in the residential building sector, which nervously risk disappearing once projects already in the pipeline wrap up. The government expects it will cost $680 million, which roughly equates to around 27,000 grants.
This is a great initiative to help the construction industry, provide assistance for the economy, and also some relief to those who potentially put their building/renovation plans on hold the last few months.
To be eligible for the tax-free grant, you must:
- Be an Australian citizen aged 18 years or older and be an individual, not a company or trust.
- Be on an income of less than $200,000 for couples, and $125,000 for singles (2018-19 income).
- Be spending between $150,000 and $750,000 on a renovation for a home that has been previously valued at less than $1.5 million.
- Be building a new home worth less than $750,000 (this includes land value).
Other important things to know:
- The grant will apply to all owner-occupiers – not just first home buyers. All dwelling types (house, apartment, house and land package, off the plan, etc) will be eligible under the HomeBuilder scheme.
- The scheme will not apply to owner-builders or those who are planning to build a new home or renovate an existing home as an investment property. The grant also 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 will be offered for contracts entered into between 4 June 2020 and 31 December 2020 and construction must be contracted to begin within three months of the contract date to be eligible.
With these grants available, there has been no better time to renovate your existing house, or build your dream home with Campbell Construction Co!
If this HomeBuilder scheme is something you would love to take advantage of, our team are able to quote any renovations or new builds. If you are simply looking for a hand to help understand this information or talk through your eligibility, please get in touch with us through phone 1300 938 040 or email admin@campbellcc.com.au