Australia HomeBuilder Scheme explained: How to access $25,000

06:04  04 june  2020
06:04  04 june  2020 Source:   9news.com.au

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RELATED: How to double $ 25 k HomeBuilder handout. But the new $ 25 , 000 grants is on top of existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes , as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super

Australians can get $ 25 , 000 sent directly into their bank account from Thursday under the Morrison government's new ' HomeBuilder ' scheme . What you need to know about Homebuiler: Who is eligible and what can be built? To access HomeBuilder , owner-occupiers must meet the following criteria

The Federal Government has announced a sweeping $680 million HomeBuilder program to stimulate work for trades and construction in the wake of COVID-19.

Under the program, property owners will be able to access a tax-free grant of $25,000 to help build or substantially renovate their home.

But it's not clear cut. The scheme isn't a free-for-all cash grab and there are conditions. Here are all your questions surrounding the HomeBuilder scheme answered:

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The 8 million HomeBuilder package is available to owner-occupiers who sign a contract to start building or substantially renovating their Australians looking to build or renovate in the second half of the year will be able to get $ 25 , 000 from the federal government as part of the HomeBuilder scheme .

Battlers who will miss out on the new $ 25 , 000 HomeBuilder grant have lashed the Prime Minister for the Prime Minister Scott Morrison’s homebuyers grant that will provide $ 25 , 000 grants has been HomeBuilder : What it is and how it works. A new $ 25 , 000 grant plans to get labourers back to work

What is the new HomeBuilder Scheme?

It's a one-off, tax-free payment of $25,000 from the government to property owners.

The payment is to help build or substantially renovate homes.

In theory, this will radically boost the number of jobs available for tradies who are suffering in the wake of COVID-19 as renovation numbers drop.

Who is eligible for the new HomeBuilder Scheme?

Let's break it down one-by-one, as this can get a little confusing. It's probably best to go down this checklist, and if you answer "yes" to each, then you are eligible.

- You must be an owner-occupier. This means you must live in the property you intend to apply for the grant for.

- You must be over the age of 18.

- You must be an Australian citizen.

- If you are single, you must have earn less than $125,000 per annum (this is based off your 2018 to 2019 tax return).

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- If you are a couple, you must earn less than $200,000 per annum (same tax return test).

Staying with me? Strap in – because it gets a little more confusing.

To be eligible for the grant, you must:

- Enter into a building contract between June 4, 2020 and December 31, 2020. It's only available for the latter half of this year.

- If you are using the grant to build a new home as your main residence, the value of that property including land must not exceed $750,000.

- If you are using the grant to renovate your existing home, the renovation contract must be valued between $150,000 and $750,000 and the value of your home prior to renovations must not be worth more than $1.5 million.

This is big money. Are homeowners allowed to access the grant to renovate their investment property?

No. Investment properties do not count. You must be the owner-occupier.

Can I use the HomeBuilder grant to build a swimming pool?

No. Strangely, the only renovations that are eligible for the grant are those that improve the accessibility, liveability and safety of your property.

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  'Housing program must look after Australia's most vulnerable': Plibersek Shadow Education Minister Tanya Plibersek says Australia “needs a housing program that meets all needs from helping people into a first home to the extreme end of emergency accommodation".On Thursday the government announced a $688 million HomeBuilder scheme, which allows Australians to access $25,000 grants in a bid to boost the construction industry.

How to do it. Since its launch, the scheme has provided a total value of £2.63bn to over 25 , 000 economically viable small businesses. How the Enterprise Finance Guarantee scheme works. Loans range in size from £1, 000 to £1m, and the timespan can range from three months to 10 years.

The Help to Buy scheme is designed to help first time buyers get on the property ladder or buy a new home without a large deposit. In England, the

This means pools, tennis courts and sheds are not applicable.

Is the HomeBuilder grant just for first home buyers?

No. It is for any property owner provided they meet the eligibility requirements above.

How do you apply for the HomeBuilder grant?

Here's where it gets even more confusing.

Applications for the grant will be handled via the relevant State or Territory revenue office in which you live.

Not every State or Territory Government has signed the National Partnership Agreement yet, but applications will be backdated to June 4, 2020 so you won't miss out.

At this point, we don't know the exact process each State or Territory will want.

What we do know is that you will need to provide proof of your identity, a copy of the contract with your licensed builder, your tax returns and other property documents such as council approvals and building contracts.

HomeBuilder scheme 'more Scotty scam than Scotty Cam' .
Shadow Minister for Housing and Homelessness Jason Clare has ridiculed the government’s HomeBuilder initiative as “more Scotty scam than Scotty Cam”. The government this week said there were already 16,500 registrations of interest for its HomeBuyer scheme, which was introduced last week. Under the scheme, Australians wanting to build a new home or make major renovations will be eligible for $25,000 grants to turbo-charge the construction industry, but must first meet strict eligibility measures.

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