Updated: Aug 28, 2020
All you need to know about the Federal Home Builder Scheme.
Owner occupiers and first homebuyers could take advantage of a new 25k Federal Government HomeBuilder grant to renovate or build a home.
Here is some of the base criteria:
A single applicant for the grant cannot earn more than $125,000
A couple’s income is capped at $200,000 a year
Builders can apply when their principal place of residence is valued up to $750,000
Renovations need to be valued between $150,000 and $750,000
The dwelling value must not be more than $1.5 million prior to the renovation.
The $25,000 grant must be used towards the cost of building or renovating a property by the end of 2020.
Australian mortgage holders believe now is a good time to refinance their home loan.
There are a range of considerations refinancers should address when applying for the grant and financing their build or renovations, including:
Am I eligible for the grant including income thresholds and total value of renovations?
Can I access other state government grants or incentives to run in parallel?
Are there savings to be made by switching to another loan to finance my renovation or build?
What is the benefit of switching from a principal and interest to an interest only loan to finance the build or renovation?
If you would like to learn more, speak to one of our experts on 02 8313 8400.