Original article by Jordan Heyne
abc.net au – Page: Online : 5-Jun-20
People wanting to apply for grants of $25,000 to build a new home or renovate an existing one under the federal government’s HomeBuilder scheme must meet a range of criteria. They income thresholds and limits on the value of homes to be newly built, including the land. Contracts for new homes or renovations must be entered into before the end of 2020, and construction must begin within three months of the contract date. People wanting to use the money for a renovation must spend at least $150,000 of their own funds, and the home being renovated must be worth less than $1.5 million prior to the renovation. Investment properties do not qualify for the scheme.