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One of the most distinguishing features of the Home Owners Grant is that it can be used only for projects which cost more than $150,000. Which means it does not extend to minor home renovations.
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Is Your Home Eligible For The Home Builder Grant? The new Home Builder Grant or Home Owners Grant from the NSW Government offers $25,000 to those who are renovating or constructing a new home. However exciting it may seem, but it is very important to learn about all the rules and restrictions that follow. The Home Builder Grant of $25k comes with a couple of strings attached.
Are You Eligible? When it comes to whether you are eligible for the grant, there is a proper pre-specified criterion. The first things that determine your eligibility are whether you are an adult (18 or older), and are you an Australian resident? Another important aspect is your salary cap. You must have received less than $125,000 per annum if yours is an individual application, based on your tax return for 2018-19 or later. If you apply as a couple, based on your tax returns for 2018-19 or later, your combined income must not exceed $200,000 a year. Finally, once the construction is finished, you must be planning to live in that house. The grant extends only to owner-occupied properties and excludes investors from the scheme.
Is Your Property Eligible? One of the most distinguishing features of the Home Owners Grant is that it can be used only for projects which cost more than $150,000. Which means it does not extend to minor home renovations. In addition to that, if you are planning to renovate an existing home, its value shouldn’t be more than $1.5 million. Also, the overall value of the property (including its land) can’t exceed $750,000, if you are planning to build a new home. It is important to note that the Home Builder Grant is not any type of unlimited offer. In order to receive the grant benefits, you must have entered into your contract anytime between June 4 and December 31, 2020, and the construction must commence within three months of your contract signing.
Does Location Matter? Location also has an important role to play in your efforts of receiving the grant. Though it doesn’t have any direct effect, because the location affects the value of your property and land, it does have an indirect effect on your eligibility. Since the Home Builder Grant doesn’t apply to builds exceeding $750,000, your location can actually matter in determining whether or not you can receive the grant. This is because the price of land varies from place to place or city to city, even if the building costs don’t vary that much. So it is highly advised to go for locations that aren’t much expensive.
Who Will Benefit The Most? First-home buyers will benefit most from the Home Buyers Grant. This can be understood by looking at two things – $25,000 grant and access to the First Home Buyers Grant already offered by many state governments. To sum it up, they get a quite lot of incentives from the government! Now that you know everything about the Home Builder Grant or the Home Owners Grant, it surely will be easy for you to understand every facet of it. And if you still need some additional information on the grant or want to check out some amazing properties listed in your favourateareas, then click here to get in touch with our expert agents who will guide you through all the hassles, and help you get your dream home the way you want it!
