What is the HomeBuilder scheme?

Have you always dreamt of buying an apartment off the plan or building a brand new home?  Have you always longed to buy an older property so that you could carry out your dream renovation?

If so, you may be interested to learn that the Morrison government has recently launched its HomeBuilder scheme. The initiative will run from 4 June until the end of 2020 and provide successful applicants with a grant of $25,000.00 to build either a new home or substantially renovate an existing property.  The scheme is for owner-occupiers only and sadly does not extend to investors looking to rent out a property.

Considering applying for the scheme? Applicants are subject to eligibility criteria including income caps, a cap on the value of the property being constructed/renovated and on the value of the works being undertaken on an existing property.  Income caps are $125,000.00 for singles and $200,000 for couples.  The property cannot be worth more than $750,000.00 for a new home build.  An existing home cannot be worth more than $1.5 million and the renovation price range must be between $150,000.00 to $750,000.00. Construction must also be scheduled to commence within three months of the date you sign your building contract.

The HomeBuilder scheme works in conjunction with grants and exemptions, including the First Home Owner grant, currently being provided by Revenue NSW.

If you are looking to place an offer on a property, Contact Us on (02) 4943 3988 to speak to one of our property lawyers.  We have years of experience helping people with their conveyancing needs throughout the Newcastle, Lake Macquarie and Hunter region.

This blog was written by,
 Chris Berryman
Chris practises in the areas of Conveyancing and
Business & Commercial Advice

Property Law

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