If you’re on the hunt for a brand-new home, you may have heard of the Government’s HomeBuilder Grant – a program administered by Revenue NSW in which owner-occupiers can receive $25,000 of funding for a new house, a large renovation or an off-the-plan property.
The HomeBuilder Grant is a $688 million initiative put in place with an aim to boost the construction sector and the real estate market. Not only will property owners and first home buyers benefit with the help to reach their goal of a dream house, but the program is also intended to support 140,000 direct jobs and a further one million jobs within the residential industry, making a large and much-needed impact on the economy.
While everyone might want their piece of the pie, the HomeBuilder Grant is only available to those who meet a certain criteria. Want to know if that’s you? The following checklist will give you an idea of the basic guidelines that determine whether or not you are eligible for a helping hand from the government.
- The individual must be aged 18 years or older and be an Australian citizen.
- An individual must earn less than $125,000/year.
- A couple must earn a combined income of less than $200,000/year.
- The property value must be less than $750,000 in total.
- Renovations on existing homes must exceed $150,000.
- Pre-renovation value of the home cannot exceed $1,500,000.
- The grant cannot be used towards specific renovations such as swimming pools, garages and tennis courts.
- The eligible contract must be signed by 31st December 2020.
- The owner must occupy the property as their principal residence for a continuous period of six months and must occupy it immediately after the completion of construction or renovation.
More of the eligibility criteria can be found here. If you tick all of these boxes, you can apply for the HomeBuilder Grant in NSW by visiting Revenue NSW or filling out an application here.
At New Living Homes, we build affordable, brand-new single storey houses that give homeowners the opportunity to enjoy a relaxing Aussie lifestyle. With many of our house and land packages remaining below $750,000, you can build your dream home in the Greenfield areas of NSW and be eligible for the HomeBuilder Grant. Call us today on 1300 366 766 and find out more about how we can help you apply for the $25,000 scheme.