
As a response to the covid-19 pandemic, the ACT Revenue Office announced the introduction of a $25,000 HomeBuilder Grant scheme on 4 June 2020 to stimulate the economy.
Please note that on 29 November 2020, they then announced an extension of the Grant. Please carefully read the below and note the changes that we have identified.
With the Grant having a number of eligibility criteria for both builders/developers and prospective buyers, we’d like to help make it as clear as possible!
ABOUT THE HOMEBUILDER GRANT:
— The scheme provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home, substantially renovate an existing home or buy an off-the-plan home.
— New Information as at 29/11/2020: On 29 November 2020, the Government announced an extension of the HomeBuilder program to 31 March 2021. The most significant implication of this change for The Griffin is that a $15,000 Grant will be available for contracts exchanged between 1/1/2021 and 31/3/2021. Contracts for properties exchanged before 31 Dec 2020 will continue to receive the $25,000 Grant as per original eligibility criteria.
— The off-plan property price must not exceed $750,000 (inclusive of GST).
The Griffin has a range of apartments that sit under this price ceiling.
— The eligible contract must be signed between 4 June 2020 and 31 December 2020 (inclusive) to apply for the $25k Grant. [Update 29/11/2020. As per the extension announcements on 29/11/2020, eligible contracts that are signed between 1 January 2021 and 31 March 2021 can apply for the $15k Grant. All application forms must be submitted to the ACT Revenue Office by 14 April 2021 (inclusive)].
— Construction does not need to commence prior to 31 December 2020, but it must commence within three months of the contract date and construction cannot have commenced before 4 June 2020. [Update 29/11/2020. Construction timeframe has been extended from three to six months from contract signed date]
— Construction must be complete before 31 October 2022.
SOME THINGS YOU MIGHT NOT HAVE REALISED:
— The $25,000 is paid to an off-the-plan purchaser after settlement, when a certificate of title has been issued.
— Eligible buyers must occupy the property for at least 6 continuous months immediately upon completion of construction or settlement.
— ‘Commence construction’ means substantial earthworks, excavations, demolition and physical building work.
The Griffin has commenced construction in September and has an estimated completion July 2022.
— Approval is subject to the eligibility of the purchaser and is income-tested – an income cap of $125,000 per individual or $200,000 for a couple applies. This is applicable for the taxable income on your Notice of Assessment for the periods of 2018-19 OR 2019-20
— Eligibility for the HomeBuilder Grant is dependent on your personal situation meeting the criteria AND the development meeting the criteria.
DOWNLOAD THE FACT SHEET >
Still have questions? That’s ok! Contact our agents by visiting the display suite on the weekend, completing the Register form on this website or call LJ Hooker on 0402 914 037 so we can help.
This information was updated on 30/11/2020 as new guidelines were released, however we recommend you seek independent advice to confirm you meet the criteria. Visit the ACT Revenue Office website or the Treasury website for details.
Disclaimer: We have gathered information from: treasury.gov.au/sites/default/files/2020-06/Fact_sheet_HomeBuilder_0.pdf
While all due care has been taken in assembling this information, the information is subject to change. This document is for the guidance of the purchasers only. Interested parties should make their own enquiries and satisfy themselves in all respects.