From 4 June 2020, a $25,000 grant is available to certain individuals who build a new home or substantially renovate an existing home. The grant cannot be used to buy an existing house and is limited to Australian citizens earning less than $125,000 or couples earning less than $200,000.
The value of new builds is capped at $750,000. For renovations, the home must be worth less than $1.5 million before the renovation, and projects must cost between $150,000 and $750,000.
The building contract must be signed between 4 June 2020 and 31 December 2020, and work must commence within three months of the contract date.
Applications will be through the relevant revenue department once the necessary agreements have been signed by the State and Commonwealth Governments.
The By Lawyers Purchase Guides have been updated accordingly.