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If you have been thinking about that home renovation or new build, then now is the time to take advantage of the Government HomeBuilder Scheme. The scheme provides eligible owner-occupiers (including first home buyers) with a one-off grant to put towards either building a new home or substantially renovating an existing home.
Building contracts signed between 4 June 2020 and 31 December 2020 will be eligible to apply for a $25,000 grant. Contracts signed between 1 January 2021 and 31 March 2021 will be eligible to apply for a $15,000 grant.
Only Australian citizens can apply (companies and trusts are not eligible).
Be on an income of less than $125,000 for an individual or $200,000 as a couple;
For new homes, the total house and land price must be valued at less than $750,000 for contracts signed between 4 June 2020 and 31 December 2020 and less than $950,000 for contracts signed between 1 January 2021 and 31 March 2021. If you are building a new home and the contract of sale exceeds 12 months from the date of your HomeBuilder application, you will require a valuation;
Renovations must cost more than $150,000 but under $750,000;
The grant will only be available on properties valued at less than $1.5 million prior to the renovation work. An Independent Valuation must show the value of the house and land 3 months before commencement of renovations and the value must be less than $1.5 million to be eligible for Homebuilder. If renovations have already commenced Independent Property Valuations can also provide you with a retrospective valuation;
The construction must start within 6 months of the building contract date; and
All eligible builders must be licensed.
If you’re applying for the HomeBuilder Grant you may have to submit a Property Valuation with your application. At Independent Property Valuations our Registered Valuers ensure turnaround times are met and aim to provide a concise, comprehensive, and efficient valuation. We take into consideration title details, easements and encumbrances, locality, topography, building and land size, aspect, accommodation, standard of fit-out, zoning, etc.
If you require a property valuation for your home build or renovation in Sydney/NSW, our property experts are here to help. With limited time left to apply for HomeBuilder, call 9659 5446 for an obligation free quote before it’s too late!
‘The above information was current at 1 December 2020 and is subject to change without notice’.