We know as Queenslanders, you’re a fairly savvy bunch and that you’re already onto this because we’ve been fielding plenty of calls around it! But for those not aware, as part of one of the many COVID-19 stimulus packages, is the Homebuilder grant!
Whilst this grant can be used in conjunction with the first home buyers (FHB) grant in each state, its qualifying criteria and those eligible are different to the FHB grants. Whilst it still cannot be used for the purchase/construction of an investment property, you can utilize it for an owner-occupied property.
Palm Beach, Elanora & Currumbin clients, this is the grant for you! Why? Because even if you’re only considering a renovation, with the prices point in these suburbs, if you’re undertaking a renovation, there is a really good chance you’ll spend no less than $150k.
The Homebuilder grant hinges on the federal government developing a “national partnership agreement” which every state and territory will need to sign. This agreement will also detail how the government intends to roll out the grant. To date, we don’t have any further info regarding when the agreement will be finalized.
Here’s the short of what we do know at this point:
- The Homebuilder grant is intended to stimulate the economy by way of the construction industry. So regardless of whether you’re a first home buyer, you are eligible, as long as you meet the following criteria.
- You need to be a natural person (not a company or trust)
- You are 18-years of age or older
- You are an Australian citizen (waiting on further clarification around permanent residents)
- You meet one of the following two income caps:
– $125,000 per annum for an individual applicant based on your 2018-19 taxable income or later.
– Or $200,000 per annum for a couple based on both 2018-19 taxable income or later.
- You enter into a building contract between 4 June 2020 and 31 December 2020 to either:
- Build a new home as a principal place of residence, where the property value does not exceed $750,000
- Or substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property (house and land) does not exceed $1.5 million (pre-renovation)
- Construction must commence on or after 4 June and within three months of the contract date.
Blackbox Finance are your local Palm Beach mortgage brokers. Palm Beach, Elanora, Currumbin and Tugun are suburbs key to our business. We have been operating in the area for near on 5-years, have written many loans for properties in these suburbs and intimately understand property profiles and your wishes when it comes to financing your dream home!
We work for you, not the banks! So, if you have any questions or plans in mind for the next 2-3 years, please reach out and have a conversation with us. We work with a lot of clients over the longer term, the longer we work together, the better your chance at success. We’d like the opportunity to help you with your dreams also!