The Australian government has announced the HomeBuilder grant, aimed at boosting the renovation and house construction industry.
The HomeBuilder scheme includes cash grants of $25,000 paid directly to eligible owner-occupiers to build new homes or substantially renovate existing homes.
Who is eligible?
- Must be an individual (not a company or trust)
- You are an Australian citizen;
- Aged 18 years or older
- You meet one of the following two income caps:
– $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or
– $200,000 per annum for a couple based on both 2018-19 tax returns or later;
- Enter into building contracts between 4th June and Dec 31 2020
- Works must commence within three months of the contract date.
- Building a new home as a principal place of residence valued up to $750k (including land)
- Substantially renovate primary residence, renovations valued between $150k and $750k. The home must be valued under $1.5m prior to renovations
- Work undertaken by a licenced building contractor and cannot be a relative of the property owner
If you are eligible, renovations not included are:
- Swimming pools, spa’s and saunas
- Detached sheds
Not eligible but still want to complete a renovation?
It’s fair to say the above requirements are pretty specific and from a recent survey we know 83% of our Aussie homeowners are planning a new renovation on their home with landscaping, kitchen and bathroom renovations at the top of the list.
As things stand, these smaller renovations probably won’t be covered by the government’s scheme.
You will however still be able to reuse your Brighte 0% Interest Payment Plan or apply to get your next improvements covered. Simply use the Brighte Marketplace to find local Brighte accredited partners and select free quotes, available for bathroom and kitchens, fireplaces, awnings, flooring, electrical, driveways, and more!
Brighte is recognised as Finder’s Green Lender of the year with more than 50,000 Aussie homeowners financing their home improvements through their buy now pay later and loan products.
See full details here: HomeBuilder fact sheet
The information provided in this article is general in nature.
© Copyright 2020. Brighte Capital Pty Ltd (ABN 74 609 165 906). Australian Credit License Number 508217. All applications are subject to Brighte’s credit approval criteria. Fees, Terms and Conditions apply