They say we are in a recession! They are saying that we will experience the depression of the 1930’s! We think were too bloody advanced to replicate the 1930’s. It is good however, whilst Government believes we are in a recession, they will give the economy some nice little handouts.
On 4 June 2020, the Prime Minister announced the Home Builders Boost. Revenue New South Wales websites shows that it is a deliberate boost for middle Australia in the working class. It will be a boost provided builders don’t use the Home Builders Grant as an extra bit of profit.
A person may apply for a $25,000.00 grant for:-
1. Home renovations; or
2. Building a new home.
How are you eligible to obtain the grant of $25,000.00?
1. It is for homeowners. Therefore, it is for renovating or building your principal place of residence.
2. The renovations must be no less then $150,000.00 and no more than $750,000.00.
3. If you are an individual, you cannot earn more than $125,000.00 per annum. If you are a couple, your joint income must not exceed $200,000.00.
4. Your principal place of resident must not be valued more than $1.5 million dollars.
5. The building must commence within 3 months of making an application to Revenue New South Wales.
6. The Contracts must be executed no earlier than 4 June 2020 and no later than 31 December 2020.
The beauty of the grant is that it is not just applied to new home buyers. It can be a massive boost to the house and land marketplace provided that the builders don’t see it as a way of increasing profit margins. There is no benefit if the build price just increases, because consumers won’t see the advantage in making an application.
The pitfalls of doing any renovation under this scheme is the increase of bill price. Consumers should make certain they get a number of quotes before undertaking such renovations.
Consumers who wish to buy a house and land package, check websites and other advertisements to see what the build price was for the same property before the introduction of the Home Building Grant.
How do you apply for this grant? A link here is attached to the fact sheet set out by Revenue New South Wales. Click here!
It appears on first glance that, upon signing a Contract to build, you make an application to Revenue New South Wales and attach all the relevant information.
We only have 7 months to advance our sales, so lets take advantage of it!