The impact of COVID-19 is being felt by everyone across Australia and the residential building sector is no exception. The Shoalhaven and wider South Coast community is doing it particularly tough after drought, the Black Summer bushfires, floods and now the pandemic. Yet, we know nothing lasts forever and economic recovery will come (and hopefully a return to some kind of normalcy). In the meantime, the Federal Government has announced a new scheme to help the residential construction industry weather the COVID storm. It’s also a huge bonus for homeowners!
What is HomeBuilder?
HomeBuilder gives homeowners access to $25,000 grants to help them cover the costs of building a new home, renovating an existing home or buying an off-plan home. However, there are strict conditions that need to be met and not everyone will be eligible.
Am I Eligible For HomeBuilder?
The main boxes you need to tick include:
- Your taxable income must be less than $125,000 for singles and $200,000 for partners living together.
- The eligible contract must be signed between 4th June and 21st December 2020 inclusive.
- Construction must begin within three months of the contract date.
- The cost of the renovation needs to be between $150,000 and $750,000, and the property must be valued at less than $1.5 million.
- The total value of new builds (including land) cannot exceed $750,000.
- The contract must be negotiated at a fair market price (no inflation of prices) and you can’t be related to your contractor!
There are also residency requirements that need to be met. Bushfire affected properties will be considered as a Substantial Renovation.
How Do I Apply For HomeBuilder?
Apply directly to NSW Revenue. You will receive a reference code and asked to upload your supporting documentation. 15 working days is the average turnaround time after a complete application is received. You can lodge an objection if your application is rejected and you don’t agree with the decision.
If you’re looking for a local builder to help with your HomeBuilder application, get in touch with AK Buckley Building. We are experienced in renovations, extensions and new homes, and work all along the NSW South Coast.