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. 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.
— 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).
— 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.
— 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.
HOW WOULD YOU SPEND $25,000?
Learn more and check our examples of how other buyers will spend their cash bonus.
Download an information 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.
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.