Your New Kitchen or Bathroom Could be Free with HomeBuilder
On 4 June 2020, the Australian Government announced details of a building programme initiative called HomeBuilder. The HomeBuilder grant will pay out $25,000 to eligible Australians who make substantial renovations to their existing home or are building a new home within the grant guidelines.
If you fall into the eligibility criteria, the grant may be able to cover the cost of a bathroom or kitchen renovation for your home, so there’s no better time to invest in the kitchen or bathroom of your dreams!
Am I eligible?
To be eligible for the HomeBuilder Grant, you must meet the following criteria:
- Be at least 18 years of age
- Be an Australian citizen
- Be a person rather than a company or trust
- Have an annual income of no more than $125,000 for individuals or $200,000 for a couple
Owner-builders and investors are not eligible, and you must continue to live at your home for at least six months after building work is complete.
What building work is eligible?
You may be eligible for the grant if you are building a new home or completing substantial renovations, however there are strict conditions around the value of your home and the work that you complete.
For renovations, the value of your home can not be more than $1.5 million and your renovation contract must be between $150,000 and $750,000.
If you’re building a new home, the house and land value can not be more than $750,000 for new land, or $1.5 million for knock down rebuild projects.
You must sign a building contract between 4 June 2020 and 31 December 2020, with work commencing within three months by a registered or licenced builder.
Rather than splitting up the building work for your renovations, it is recommended that you keep all work under one contract. So, if you want HomeBuilder to cover the cost of your kitchen or bathroom renovation, you may need to leave this until after you receive your grant.
How can I apply?
Only South Australia, Tasmania, Northern Territory and Western Australia have signed the HomeBuilder National Partnership so far.
Victoria is yet to sign but you can subscribe for updates at the State Revenue Victoria website.
You will need to provide the following with your application:
- Photo ID
- A copy of your 2018-2019 tax return
- A copy of your contract signed by both you and your builder
- A copy of your builder’s registration or licence
- Additional documents such as council approvals, land value and occupation certificates
When will I receive the grant?
If you are making substantial renovations, you will receive your grant once a minimum of $150,000 has been paid toward your contract. If you are building a new home, you will receive at the same time as your first homeowner grant.
At Master Kitchens and Bathrooms, we create beautiful kitchens, bathrooms and laundries for new homes and renovation projects. If you’d like to learn more about how we work or if you would like a quote, contact us on 1300 222 422 for a free initial consultation.