The Federal Government has announced a Construction Stimulus Package that’s designed to keep builders in business.
The HomeBuilder package provides grants of $25,000 to owner-occupiers (including first home buyers) to build new homes or to complete renovations on their existing home.
Eligibility basics include:
- No companies or trusts
- Aged 18 years and over
- Australian citizen
- Income capped at $125,000 per annum for an individual (2018-19 tax return)
- Income capped at $200,000 per annum for a couple (2018-19 tax return)
- You must enter into a contract between June 4 and December 31, 2020
- House and land value must be less than $750,000
Construction needs to commence within three months of the signed contract date.
This scheme is not available for investors.
The HomeBuilder grant is non-taxable.
If you want to find out how our pre-fab, factory-built modular homes are benefiting from this incentive, get in touch with the team at Uniplan Group today.
More information updated 12/06/2020
First Home Owners are also eligible for the $25,000 Home Builder Grant
NSW first-home buyers already have access to a $10,000 grant for new properties costing less than $600,000 and owner-builder/building contracts worth less than $700,000.
House & Land
If you’re buying land to build a new home, the total price – including the land and home – must be no more than $750,000.
Stamp Duty
There is also no stamp duty payable on property under $650,000, or vacant land under $350,000, while properties between $650,000 to $800,000, or vacant land between $350,000 to $450,000 get discounted stamp duty.
That’s a saving of up to $24,740 on a $650,000 home.
Here is a link to the website and how they apply for First Home Owners Grant: https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/new-homes
