Here is a quick summary of the eligibility criteria for the Homebuilders Grant
• Need to sign a building contract by 31 Dec 2020
• Must earn less than $125K a year as an individual or less than $200K as a couple
• Value of work must be between $150K and $750K
• The pre-renovation value of your property must be $1.5M or less
• It must be owner occupied (investment properties are not eligible)
• It does not include separate structures such as swimming pools, tennis courts, shed and detached granny flats
• You are a natural person (not a company or trust) and are aged 18 years or over
• You are an Australian citizen
As your building contract needs to be signed by 31 Dec in order to be eligible, there is not much time left especially if you need to get approvals for your works. It’s important to get started quickly so you don’t get caught short of time. You will need to factor in architectural drawings, approval times and building quotes amongst other potential plans or reports depending on your site.
The minimum spend of $150K under the grant could equate to new kitchens and bathrooms, additional bedrooms or a granny flat (so long as it is attached to the existing dwelling). All renovation works must be attached to the home to improve the accessibility, safety or liveability of the home
Construction must be undertaken by a registered or licensed builder and does not include building works that have already started as the grant is incentivised to stimulate new construction in the short term.
The application process at the time of writing has not opened yet but you will be able to apply via NSW Revenue and it will cover all building contracts signed from the 4 June 2020 until the 31 December 2020.
Click here to apply via NSW Revenue (when applications open) https://www.revenue.nsw.gov.au/news-media-releases/covid-19-tax-relief-measures/homebuilder-program