A non-taxable HomeBuilder Grant of $25,000 was announced by the Australian Government on the 4 June 2020
The Grant is available to eligible owner-occupiers (including first home buyers) who build a new home, substantially renovate an existing home or buy an off the plan/new home, where the contract is signed between 4 June 2020 and 31 December 2020.
Only one HomeBuilder Grant is payable for each property, even if the property changes ownership. Investment properties are not eligible.
If you are rebuilding a home on your existing land following the 2019-20 bushfires your application will be considered as a substantial renovation so long as the property is located within an area affected by the bushfires.
Who is eligible?
All applicants must:
- Be a natural person (not a company or trust)
- Be at least 18 years of age at the time of entering the transaction
- Be an Australian citizen
- Not have previously received the grant in any state or territory
- Meet the following income tests for the full financial year of either 2018-19 or 2019-20
- Individual; taxable income of less than $125,000
- Couples; combined taxable income of less than $200,000
- Own the land at the time a contract is entered into to build, buy or substantially renovate your home, or become the owner of the land on completion of the contract to build or buy the home.
- Couples must be legally married, in a registered relationship or a defacto couple living in a genuine domestic relationship.
Further eligibility criteria regarding the home, the contract, the value of the property and the transaction and substantial renovations can be viewed on the Revenue SA website.
Does the home need to be my principle place of residence?
Yes, it must be your principal place of residence and your residency in the home must commence within 12 months of the date of the building or renovation completion and last for a continuous period of at least 6 months.
What are the required timings?
For a new build and substantial renovations, you must commence no later than 3 months after the signing of the building contract. Off the plan / new home building of the home must have commenced on or after 4 June 2020 and no later than 3 months after the signing of the sales contract.
How do I apply?
To apply for the Grant, you will need to lodge your completed HomeBuilder Grant application (and all the requested documentary evidence) with Revenue SA no later than 31 December 2020. If you haven’t commenced construction when you apply and you meet all the other eligibility criteria, you may be provided with conditional approval and will need to provide supporting evidence to receive final approval and payment.
How can Strathalbyn Conveyancing help?
It is never too early to engage a conveyancer, even if you are considering buying off the plan or buying land to build a new home. There are a number elements that our Conveyancers are more than happy to assist with. For example, reviewing contracts prior to cooling off and answering queries about special conditions in contracts. Please contact one of our friendly staff to discuss your next transaction.