You might have heard the recent news from the Federal Government regarding a building grant for new homes, but are you familiar with the details? For everything you need to know, read on.
The HomeBuilder Grant was introduced by the Federal Government to give those looking to build a kickstart towards their dream home. It is for anyone looking to build, not just first homeowners, provided you are eligible (see below!) While some final details are still waiting to be confirmed, here’s a look at what we do know:
Who is eligible?
• Private individuals (not companies or trusts)
• Anyone who is an Australian citizen
• People aged 18+ years
• “Owner Occupiers” – people who intend to live in the new build as their home for at least 12 months
• When you sign a build contract between the 4th of June 2020 to the 31st of December 2020
Are there any extra conditions?
• The homes must cost under $750,000 including the cost of the land
• You must also meet an income cap, earning under:
– $120,000 a year as an individual based on 2018/19 tax return or;
– under $200,000 a year as a couple based on 2018/19 tax return
• Construction must start within 3 months of the date the contracts are signed
How do I apply?
Revenue SA will be distributing the grants for South Australia – individuals will need to apply directly through their office however we are still awaiting exact details.
What else do I need to know?
Depending on your circumstances, you may also be eligible for the SA State Government funded First Home Owner Grant of $15,000, however the total price of the home must also be under $575,000.
6 months to organise your build can seem daunting, but at Lofty we’re here to help. Whether you already have land or need to purchase we will happily assist no matter what stage you are at. We can provide you advice on land, location, design and everything in between to streamline the process for you.
We’ve already adapted our internal processes to ensure we can deliver your build to site on time to do our part to assist in your eligibility. We’re now signing contracts later while still giving you a fixed price quote to give you peace of mind while meeting the grant criteria.
We’ll update this page as further details are confirmed, but if you were considering building, now is a great time to seriously explore your options with such valuable incentives on offer. For further information please don’t hesitate to reach out to us and we can talk you through the ins and outs of the grant and what it means for the build process. Call us today on 8266 0011 or click here to Get in Touch!