There's currently up to $45,000 worth of funding available to home builders. The Tasmanian Government is offering up to $20,000 for a new build, and the Federal Government up to $25,000 towards a new build or substantial renovation on an existing dwelling. These grants are a response to the Coronavirus pandemic, and the grant programs aim to stimulate the residential construction sector as well as individual home builders through the pandemic.
These two incentives are designed to work hand in hand with one another, meaning eligible applicants could receive a whopping $45,000. So whether you're renovating, buying or building a new home, this sounds alright doesn"t it?
Like anything of an official nature, there"s a lot of T&C"s and fine print to wade through, so we"ve extracted the important points and added some useful links to reference. Read on to find out more!
The Federal Government Commonwealth HomeBuilder Grant is available to owner-occupiers (including first home buyers) to build a new home or substantially renovate an existing home. The State Government Tasmania HomeBuilder Grant is available to owner-occupiers for new home builds, not renovations.
- The home must be intended for primary residence ie. not a shack or accommodation.
- If renovating, the renovation value must be between $150,000 and $750,000 and the value of the existing value of the property must not exceed $1.5 million pre-renovation.
- Single applicants must have a taxable income of less than $125 000; or joint applicants must have a taxable income of less than $200 000.
- You must be an Australian citizen over the age of 18.
- A building contact must be signed with a qualified builder before 31 December 2020.
- The build or renovation must commence within three months of signed contract, and be completed within 2 years of commencement.
For more information on the eligibility criteria, read the full guidelines here.
Once you"re certain you meet all the eligibility criteria, you will need to lodge your completed HomeBuilder Grant application with the State Revenue Office, along with all supporting documentation. Regardless of whether you apply for one or both grants, the application process is the same, and can be found here.
You will be informed by letter by the State Revenue Office as to whether your application has been approved or declined within 10 business days of lodging your application.
The way the grant will be paid depends on whether you"re financed through a recognised financial institution or other means. You can specify in your application details of how you would like payment to be made, and further details can be found here.
Embarking on a new home build or renovation as substantial as the criteria outlines is not something that should be entered into lightly. It"s never as simple as slapping a few walls together, you need to consider your access to utilities such as water, power and gas, getting council and building approvals just to name a few. One thing is for sure though, you"ll want to set yourself up so you can collect and utilise rainwater in your new home. That"s where we can help you! Visit our rainwater tanks page, or call us on 1800 752 784 to find out more.