The Morrison Government has today announced a $680 million HomeBuilder scheme to stimulate work for the construction sector in the wake of the COVID-19 pandemic. From today until 31 December 2020, eligible owner-occupiers – not just first home buyers – will be able to access a tax-free grant of $25,000 to help build a new home, or substantially renovate their current home to improve its accessibility, liveability and safety.
The HomeBuilder scheme will complement 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 Saver Scheme.
To be eligible, applicants must be:
The grant cannot be used for the purchase of investment properties, or to build additions outside of the home such as swimming pools, tennis courts, outdoor spas, saunas, sheds or separate garages.
What types of dwellings are eligible?
All dwelling types (house, apartment, house and land package, off-the-plan, et cetera) are eligible under the HomeBuilder scheme subject to the applicant satisfying the above eligibility criteria.
Applying for the scheme
The HomeBuilder scheme will be implemented via a National Partnership Agreement (NPA), signed by the Commonwealth and State and Territory governments. This approach will utilise existing state and territory mechanisms to distribute the HomeBuilder payments. As such, as soon as the NSW Government signs the NPA, the scheme will become available and Revenue NSW will be the body responsible for the processing of applications. It is expected that individuals applying for the grant will need to provide the following at a minimum:
Revenue NSW will notify each applicant of the outcome of their application and if applicants are dissatisfied with the outcome of their application, they may request that the matter be referred to the relevant dispute resolution body. More information on the appeals process and the HomeBuilder scheme as a whole will be made available to you as further announcements are made in the coming days.
The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future.