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Free money for renovations? Oh my!

Home renovations can add significant value to your property. So if you have been waiting for the right time, you don’t have to wait any longer.

This article explains why.

What is HomeBuilder?

HomeBuilder is a new package issued by the Federal Government. It is valued at $688 million, and is designed to stimulate . It provides for:

  • $25,000 cash grants to home-owners and first-home buyers to build or buy a new home, as their primary residence

  • $25,000 for substantially renovating your home or primary residence.

You must be an Australian citizen, aged 18 years or above, in order to be eligible for this grant. Note that your company or trust is not eligible: You have to apply as an person.

HomeBuilder renovations and building: The fine print

The grants are only on offer from 4 June until 31 December 2020. If you are renovating or building, you must sign a contract for that work during this time.

There are also valuation requirements. They are:

  • If you’re building, the total value of the build and the land must be at or below $750,000

  • If you’re renovating, your renovations must be valued between $150,000 and $750,000

  • If you’re renovating, your home must be valued at or below $1.5 million before renovations.

In order to qualify for the grant, your income over the last financial year must have been either:

  • below $125,000 for a single person; or

  • below $200,000 for a couple.

There are some restrictions on how you can use the grant

You are not able to use this grant for additions or improvements that are separate from the dwelling.

Those things include:

  • swimming pools

  • tennis courts

  • outdoor spas and saunas

  • sheds

  • garages

  • detached entertaining areas

  • … and other such constructions.

Here’s what to do if you’d like to take advantage of this grant

There are some steps to take before you decide to apply for the grant.

They are:

  1. Make sure that you’re eligible

  2. Make sure that your project meets the requirements listed in the article above, and that your construction can start within three months of the date of your contract.

  3. Get advice from your mortgage broker about how this might affect your existing loans.

I’m giving away free consultations to help you assess your eligibility and the impact of the grant. You’ll get clear, independent and wise advice about the best action for your circumstances.

Be quick so you don’t miss out on this amazing grant. Contact me here, or pick up the phone and call me on 0423 515 251.


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