Are you eligible for the homebuyer grants and how much can you expect?
Early June, Scott Morrison introduced a HomeBuilder scheme to mitigate the disastrous effect 2020 has had on the Australian construction industry.
The scheme allows aspiring/present homeowners a grant worth $ 25, 000 to help Australians own their dream home. The grants are for new homes and renovations. In order to qualify, you must meet certain criteria and pass an income test.
Qualifications: New home - must be worth less than $ 75, 000 Renovations - existing property valued at less than $ 1.5 mil (swimming pools and tennis courts are banned)
In NSW, eligible first home builders could get $ 35, 000 in total when the HomeBuilder grant is applied in conjunction with the stamp duty concessions.
The income test: Singles - should be earning $ 125, 000 or less based on 2018/19 tax returns or later Couples - should have a combined income of less than $ 200, 000
The scheme will hopefully encourage those who have been thinking of purchasing a new home or renovating their home to just go for it. If you’ve been putting off redoing your home or building your first house, Scott Morrison thinks this is the right time to do it as the grants would aid financially along with the low interest rates.
These measures are not just about home ownership however, but also aim to create jobs for everyone in the construction industry, from electricians to builders. An estimated 30, 000 homes will not be built due to the tumultuous non-stop occurrence of crises Australia has been facing this year.