03 August 2020
HomeBuilder Now Open!
Like many of our clients, you might have been waiting to see the HomeBuilder Boost paperwork from the Federal Government. Land contract and building contracts signed, we have been waiting with baited breath to finally see what is needed to qualify for the huge $25,000 new home contribution.
The wait is over, with the application form released late last week.
To be honest, the paperwork is quite simple - it's just a 9 page document. 3 pages go through the eligilbity requirements of the grant and the rest is split up between the type of contract, depending on whether you are renovating, buying a new home or building off-the-plan.
You may be eligible for the grant if between 4 June 2020 and 31 December 2020 you enter into:
- a comprehensive home building contract to build a new home as your principal place of residence, if the value of the house and land does not exceed $750,000 (including GST)
- a contract with a registered builder to substantially renovate your principal place of residence, if the renovation contract is between $150,000 and $750,000 (including GST) and the value of the existing house and land does not exceed $1.5 million. If you knock the house down to rebuild, it will be treated as a substantial renovation
- a contract to purchase an off-the-plan home or a new home as your principal place of residence, if the contract price does not exceed $750,000 (including GST) and construction did not commence before 4 June 2020.
Construction must commence within 3 months of the contract date. An extension of 3 months may be allowed if commencement is delayed because of unforeseen factors outside of the parties’ control. An example that does not qualify are delays encountered by the builder.
For off-the-plan or new home contracts, construction can have commenced before the date of the contract, but not before 4 June 2020. You must also be registered on the title as the owner of the property by no later than 31 October 2022.
Each applicant must be:
- a natural person (not a company or trust)
- aged 18 years or older
- an Australian citizen. The applicant’s annual income must be less than:
- $125,000 for an individual—based on your 2018–19 or 2019–20 taxable income (as shown on your notice of assessment issued by the Australian Taxation Office)
- $200,000 for a couple—based on your combined 2018–19 or 2019–20 taxable income (as shown on your notices of assessment issued by the Australian Taxation Office).
If you're looking for a new home, we'd love to help! We have registered land ready to go, so you can be certain you will qualify for the grant. Visit our Sales Centre at 63 Crossacres St, Doolandella.