HOME BUILDER SCHEME VICTORIA: EVERYTHING YOU NEED TO KNOW
What is the Home Builder Scheme Victoria? How can it help eligible Victorians? What does it involve? What are the things you need to know about the Home Builder Grant?
There are so many schemes, concessions and grants that the Victorian government have put in place, and we can explore what those Grants, Schemes and Concessions are. In this article we will be addressing what is the Home Builder Grant Victoria, how it works and how to find out if you are eligible.
What is Home Builder Scheme Victoria?
These criteria apply to everyone – whether applying as an individual or as a couple.
- You must be an Australian citizen at the date of application.
- You must be 18 years of age.
- Your 2018–2019 or 2019-2020 annual taxable income must be below $125,000 (for an individual) or $200,000 (for a couple).
- You must not have previously received a HomeBuilder grant in any Australian territory or state.
- The home will be your primary place of residence after settlement or completion.
- Eligible homes: The home must be located in Victoria, suitable as a place of residence, fixed to your land, and owned, or will be owned, by you (both land and dwelling).
HomeBuilder Scheme Victoria is available for one of the following contracts which must be signed between June 4, 2020 and December 31, 2020 (inclusive):
- A contract to purchase a new home as your primary place of residence where the contract price doesn’t go beyond $750,000. Construction must not have commenced before June 4, 2020.
- A home building contract to build a new home as your primary place of residence where the property value doesn’t go beyond $750,000.
- A contract with a registered builder to renovate your primary place of residence where the renovation contract costs between $150,000 and $750,000. The value of your existing house and land must not exceed $1.5 million. Note: If you own a property and demolish the house to rebuild, or if your home was destroyed during the 2019-2020 Victorian bushfires, these will be treated as a substantial renovation subject to similar values.
When Can I Receive the Homebuilder Grant?
Homebuilder Grants will be paid by the relevant Territory or State authority, provided the applicant meets the eligibility criteria.
I’m Not a First Home Buyer. Can I Still Access the Homebuilder Grant?
Provided that you have met the criteria for the eligibility, you can still access the Homebuilder Scheme even if you are not a first home buyer.
However, note that Homebuilder is not available to owner-builders or for investment properties.
For more information, I urge you to visit the Australian Government’s HomeBuilder webpage: https://treasury.gov.au/coronavirus/homebuilder.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.