As you have no doubt seen in the news, the Federal Government announced a nationwide $25,000.00 HomeBuilder program grant to help stimulate the economy during the COVID-19 pandemic.
What does this mean if you reside in NSW? This means that if you have entered into a building contract dated between 4 June 2020 and 31 December 2020, you may be eligible for the grant.
In order to be eligible, you must either:
- Must be over the age of 18 and an Australian citizen
- "Substantially renovate" an existing home. ("Substantially renovate" means to renovate an existing home for a minimum expenditure of $150k, with a maximum expenditure of $750k, provided that on completion of the renovations, the overall value of your property does not exceed $1.5million)
- Build a new home. (The combined value of your land and home must not exceed $750k)
- The new/substantially renovated home must be your principal place of residence
- Construction must commence within 3 months after the date of your building contract
- All works must be carried out by a licensed builder (owner-builders are not eligible for the grant)
- Your annual income must not exceed $125k if you are an individual based on your 2018-2019 tax return OR $200k if you are a couple based on your combined 2018-2019 tax return.
Revenue NSW are yet to provide details on how to apply for the grant or when the grant will be available. Their website states that they are "working to open the HomeBuilder grant for eligible NSW owner-occupiers as soon as possible."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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