Author: Sal Cinque, CEO, TAG Finance & Loans
The Federal Government has announced its latest stimulus initiative with the HomeBuilder package, offering $25,000 cash grants to people to renovate their properties or build new homes. Here are the details below:
Duration
- Applies to building contracts that were signed between 4 June 2020 and 31 December 2020
Eligibility
- Must be 18 years of age or older
- Be an Australian Citizen
- Individuals only, no trusts or companies
- No investors or owner-builders
Means Tested
- Singles earning $125,000 per year or less
- Couples combined income of $200,000 per year or less
Approved Purpose
- Minimum renovation cost $150,000
- New home builds to a max value of $750,000
- Existing home renovations where the existing property value is less than $1.5million
- Cannot be used for additions that are unconnected to the principal place of residence such as swimming pools, tennis courts, garages, sheds, etc.
If you fit the criteria, this is an attractive incentive, especially combined with the ability to re-finance existing loans at historically low interest rates.
For more information visit www.treasury.gov.au/coronavirus/homebuilder
To find out more about your borrowing options to fund your renovations, contact us on 03 9886 0800 or email us at loans@tagfinancial.com.au.
Disclaimer: The information contained on this page is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). TAG Finance and Loans Pty Ltd ABN 25 609 906 863 Credit Representative Number 483873 National Mortgage Brokers Pty Ltd ABN 88 093 874 376 Australian Credit License 391209