In response to COVID-19, the federal government has introduced the HomeBuilder grant. The HomeBuilder grant is a $25,000 tax free grant on offer to those eligible who build a new home or considerably renovate an existing home.
Eligible applicants will be able to apply for the HomeBuilder grant once their relevant State or Territory Government signs the National Partnership Agreement with the Commonwealth Government.
To be eligible for the HomeBuilder grant an applicant must:
- be a natural person (not a company or trust);
- be aged 18 years or older on the contract date;
- be an Australian citizen;
- be below one of the following two income caps:
- $125,000 per annum for an individual applicant based on their 2018 – 2019 taxable income or later; or
- $200,000 per annum for a couple based on their combined 2018 -2019 taxable income or later; and
- enter into a contact from 4 June 2020 up to 31 December 2020 to:
- build a new home as a principal place of residence, where the property value does not exceed $750,000;
- substantially renovate an existing home as a principal place of residence, where the renovation contract is greater than $150,000 and does not exceed $750,000, and where the value of the existing property/before renovation does not exceed $1.5 million; or
- purchase an off-the-plan / new home as a principal place of residence where the contract price does not exceed $750,000 and construction had not commenced prior to 4 June 2020
Further information on how to apply will become available on the Department of Finance website for WA https://www.wa.gov.au/organisation/department-of-finance
Information provided by the Department of Finance website.