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Is Your Home Eligible For The Home Builder Grant?
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Is Your Home Eligible For The Home Builder Grant?

• The new Home Builder Grant or Home Owners
  Grant from the NSW Government offers 25,000 to
  those who are renovating or constructing a new
  home. However exciting it may seem, but it is
  very important to learn about all the rules and
  restrictions that follow. The Home Builder
  Grant of 25k comes with a couple of strings
  attached. 

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Are You Eligible? 

• When it comes to whether you are eligible
  for the grant, there is a proper pre-specified
  criterion. The first things that determine your
  eligibility are whether you are an adult (18 or
  older), and are you an Australian resident?
  Another important aspect is your salary cap. You
  must have received less than 125,000 per annum
  if yours is an individual application, based on
  your tax return for 2018-19 or later. If you
  apply as a couple, based on your tax returns for
  2018-19 or later, your combined income must not
  exceed 200,000 a year. Finally, once the
  construction is finished, you must be planning to
  live in that house. The grant extends only to
  owner-occupied properties and excludes investors
  from the scheme.

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Is Your Property Eligible?

• One of the most distinguishing features of
  the Home Owners Grant is that it can be used only
  for projects which cost more than 150,000. Which
  means it does not extend to minor home
  renovations. In addition to that, if you are
  planning to renovate an existing home, its value
  shouldnt be more than 1.5 million. Also, the
  overall value of the property (including its
  land) cant exceed 750,000, if you are planning
  to build a new home. It is important to note that
  the Home Builder Grant is not any type of
  unlimited offer. In order to receive the grant
  benefits, you must have entered into your
  contract anytime between June 4 and December 31,
  2020, and the construction must commence within
  three months of your contract signing.

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Does Location Matter?

• Location also has an important role to play in
  your efforts of receiving the grant. Though it
  doesnt have any direct effect, because the
  location affects the value of your property and
  land, it does have an indirect effect on your
  eligibility. Since the Home Builder Grant doesnt
  apply to builds exceeding 750,000, your location
  can actually matter in determining whether or not
  you can receive the grant. This is because the
  price of land varies from place to place or city
  to city, even if the building costs dont vary
  that much. So it is highly advised to go for
  locations that arent much expensive.

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Who Will Benefit The Most?

• First-home buyers will benefit most from the Home
  Buyers Grant. This can be understood by looking
  at two things 25,000 grant and access to
  the First Home Buyers Grant already offered by
  many state governments. To sum it up, they get a
  quite lot of incentives from the government!   
• Now that you know everything about the Home
  Builder Grant or the Home Owners Grant, it surely
  will be easy for you to understand every facet of
  it. And if you still need some additional
  information on the grant or want to check out
  some amazing properties listed in your favourate
  areas, then click here to get in touch with our
  expert agents who will guide you through all the
  hassles, and help you get your dream home the way
  you want it!

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Thank You