$25,000 HomeBuilder grant now available
As of today, the Federal Government has brought a new HomeBuilder grant scheme into effect to help support the residential construction market, protect trade jobs and to assist the Australian economy to bounce back from the impact of COVID-19. The new scheme is also intended to help bushfire victims who lost their homes over summer.
Orbit Homes is pleased with the Government’s announcement as it will assist both the industry and Australians wanting to build during these difficult times.
“This is a great time for home buyers to get into the market.” Paul Millson, Sales & Marketing Director said. “We are excited at the prospect of helping Australians own their own home.”
The non-taxable funding will go directly to individuals who are investing a significant amount of their money into the industry. Combined with the First Home Owners Grant, state and territory stamp duty concessions or exemptions and the RBA’s current low interest rates, this is an ideal time to get into the housing market. The aim of the scheme is to have 30,000 new homes built by the end of 2020, so if you want to move in by Christmas, this is the time to start your new home build journey.
For a limited time, the new HomeBuilder grant will provide eligible owner-occupier customers including first home buyers with a $25,000 cash grant towards building a new home (or making major renovations to an existing home). To be eligible, you must meet the income cap (less that $125,000 per annum for an individual applicant and less than $200,000 per annum for a couple) and the total property value of your build (both house and land) must be less than $750,000. The grant will be available from 4 June until December 31, 2020 and construction must start within three months of the contract date.
Investors are ineligible for the grant and it cannot be used for renovations which are not part of a principal place of residence (Swimming pools, sheds, granny flats etc).
For more details on eligibility requirements click here to view the government’s fact sheet.
How to apply
Applications for the Homebuilder grant are made to your State or Territory revenue office. You will need to complete the application process and provide the following information to apply:
- Proof of identity
- A copy of your signed build contract with Orbit Homes
- A copy of Orbit’s registration licence
- A copy of your 2018-19 (or later) tax return
- Council approvals and evidence of land value.
This scheme which has only just been announced will be implemented via a National Partnership Agreement. All state and territory governments will sign the agreement with the Commonwealth Government over the coming days so further details on the application process are yet to come. Check back soon for updates.