Licensed Valuer Kingscliff – eighty8valuers complete valuations for the Building Stimulus Grant
On 4th June 2020, the Australian Government announced The Home Builder Building Stimulus Grant Scheme (Home Builder) to provide eligible owner-occupiers, including first home buyers, with a grant of $25,000 to build a new home, renovate an existing home or purchase a new home off the plan.
To be eligible, contracts must be signed in the period from 4th June 2020 until 31st December 2020 inclusive. However, construction does not need to commence prior to 31st December but must commence within three months of the contract date. And construction cannot have commenced before 4th June 2020.
This grant is subject to the provisions of the National Partnership Agreement between the NSW Government and the Australian Federal Government. The scheme compliments Revenue NSW existing First Homeowner’s Grant Scheme and First Home Buyers Assistance Scheme.
The scheme will provide eligible owner-occupiers with a grant of $25,000 to build a new home, renovate an existing home or purchase a new home off the plan.
Eligible Substantial Renovations
Specifically, substantial renovations can be either substantially altering an existing dwelling or demolishing your existing home and building a new home on the land.
It will be considered substantial if the renovation does not involve the removal or replacement of foundations, external walls, interior supporting walls, floors, roof or staircase.
A substantial renovations does not generally include the erection of a stand-alone granny flat, swimming pools, tennis court and structures not connected to the building such as outdoor spas, saunas, sheds or standalone garages. Or renovations that are primarily cosmetic in purposes such as landscaping, painting or re-carpeting.
The Home Builder Scheme is available for one of the following contracts signed before 4th June 2020 and 31st December 2020 inclusive.
A comprehensive home building contract to build a new home as your principal place of residence where the property value does not exceed $750,000 inclusive of GST.
Or a contract with a registered Builder to substantially renovate your principal place of residence and the renovation contract is between $150,000 and $750,000 inclusive of GST and the value of your existing house and land does not exceed $1.5m.
If you own a property and demolish the house to rebuild or your home was destroyed in the 2019/2020 NSW bushfires, then these properties will be treated as a substantial renovation and subject to the same value restrictions.
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