25k Home Builder Grant
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What is it?
The government is offering a time-limited, tax free grant of $25k, to build a new home or substantially renovate an exisiting home.
Who can access it?
Singles earning up to $125k or couples with a combined earning of $200k (2018-19)
You must enter into a building contract between 4 June 2020 and 31 December 2020 to either build or renovate your principle place of residence, and construction must commence within 3 months of the contract date.
What are the conditions?
You MUST be able to provide documents and have the relevant council approvals. This means the first place to start, is to get your plans in place.
What's the fine print?
The price caps $750,000 for new home builds and $150,000 - $750,000 for renovations.
Works must be completed by a registered builder, and deal at arms length (no special relationships)
Investment properties are excluded
The renovation works must improve accessibility, safety and liveability of the dwelling. It cannot be for additions to the property such as pools, tennis courts, spas & saunas, sheds or garages (unconnected to the property)
What documents do I need to provide?
Proof of Identity, copy of Contract, copy of Builders license, copy of your 2018-19 tax return and documents such as council approvals, building contracts or occupation certificates and evidence of land value.