South Australians wanting to build or buy a new home or undertake a significant renovation are now able to apply for the Federal Government’s $25,000 HomeBuilder grant, with applications officially open on the Revenue SA website.
So far, there have been more than 8,700 local expressions of interest in the scheme (via the Revenue SA website), designed to turbo-charge the nation’s critical building and construction sector and support thousands of local jobs.
Under the $680 million scheme, people can apply for a $25,000 grant toward a new home build or purchase of up to $750,000 (including land), or significant renovations (valued between $150,000 and $750,000, where the value of the existing property does not exceed $1.5 million).
First new home buyers in South Australia will, therefore, now be eligible for up to $40,000 in grants towards their new home build (including the existing $15,000 State Government incentive) subject to meeting the eligibility criteria for each scheme.
“HomeBuilder is a welcome shot in the arm for our state’s critical housing and construction sector, which supports thousands of local jobs – from carpenters, plumbers and bricklayers to electricians, architects and other suppliers,” said Treasurer Rob Lucas.
“This economic stimulus measure will not only help ensure an ongoing pipeline of work for local businesses but will give a leg-up for many South Australians looking to build a new home or substantially improve their existing property.”
Under the scheme, contracts must be signed between June 4 and December 31 (inclusive) this year, and construction must commence within 3 months of the contract date.
Eligible applicants will be paid the grant as follows:
· For new builds, the grant will be paid at the first progress payment (ie the laying of the foundations);
· For substantial renovations, the grant will be paid once at least $150,000 of the contract price has been paid in respect of the renovation; and
· For new home/off the plan contracts, the grant will be paid on evidence of the title transferring to the new owner
The application process will also allow for conditional approval where all other criteria have been met, in advance of evidence that construction has commenced within 3 months of the contract being signed, at which point final approval and payment will be made.
Where an applicant is unable to meet the commencement timeframe because of unforeseen factors outside of their control – eg delays in obtaining council approvals, or delays in financial institutions assessing and approving finance – the applicant may apply to the Commissioner of State Taxation to exercise discretion to extend the period by 3 months.
For more information and to download the application form: visit https://www.revenuesa.sa.gov.au/HomeBuilder
