If you would like $25,000 FREE money towards your next building project, your wish might just come true.
You may have been considering building a new home or a Knock down and re-build. If you have, then you may be able to take advantage of the current HomeBuilder Grant that the Federal Government is offering.
The grant has been developed in response to the Coronavirus crisis to provide a boost to the residential construction market and is an awesome offer for owner-occupiers.
The grant is being offered for new home builds where the property value does not exceed $750,000 (land and home).
The grant can also be used for renovations of your principal place of residence where the renovation contract is between $150,000 and $750,000 and where the value of the existing property (prior to the renovation) does not exceed $1.5 million.
The great news is, a knock-down and re-build is considered a ‘substantial renovation’ and is eligible for the HomeBuilder Grant.
Are you eligible to receive the HomeBuilder Grant?
There are a number of criteria that need to be met to be eligible for the grant. They are as follows;
– You must be 18 years or older
– You must be an Australian citizen
– Meet one of the following two income caps:
- $125,000 per annum for an individual (based on 2018-19 tax return)
- $200,000 per annum for a couple (based on 2018-19 tax return)
– Enter into a building contract between 4th June 2020 and 31st December 2020
– Construction must commence within three months of the contract date.
The HomeBuilder grant is time-limited grant which means it will end on 31st December 2020. So if you sign your contract with a builder on the last possible date of the 31st December, the last date for commencing construction is 31st March 2021.
Because there is a time limit to when the grant will be offered, it is important to take action NOW.
Prior to any building works even starting, there is a lot that needs to be done and it is important to find a builder who you can trust and who has clear processes in place to walk you through each stage.
The most important first step is to find a professional builder who can support you through the entire design and build process. Engaging a builder during this initial stage will ensure that you plan a house design that you can afford to build. Working with a professional builder to design your home from the start will ensure your budget expectations are factored into the initial design stage. The builder is able to provide practical, cost saving measures at the design stage.
Getting your concept design right can actually take 4 to 6 weeks – it is part of the process that should never ever be rushed.
Don’t make the mistake that some people do and have your plans drawn up and then seek a quote from a builder, soon realising that your house is way over your budget. You can be sure that if you take this approach, you will waste valuable time, when time is actually of the essence.
Once the concept design is complete and you are happy with this, the builder will work on an initial estimate to build the home.
An accurate initial estimate takes time to prepare, so allowing 2 weeks for this is a realistic time frame.
Once the initial estimate has been presented and you are comfortable that the price falls within your budget range, a preliminary building agreement (PBA) is offered. This will include the preparation of your plans ready for council submission, engineering plans, as well as a variety of vital reports that are specific to your block of land and your custom designed home.
The builder will use the information from these reports and plans to prepare an accurate and transparent fixed price to build the home. Without these reports prior to quoting, you may be hit with unexpected and hidden costs during the building process – nobody likes these!
Your plans will be sent to suppliers and time needs to be factored in to ensure accurate measurements, quantities and pricing is considered. Allowing 6 to 8 weeks or so for accurate quoting to take place and your final selections to be made. During this time your plans are also submitted to Council for development approval (DA). Council approval can take sometimes between 6 and 8 weeks depending on council workloads. Keep in mind with the HomeBuilder grant on offer, there will be a lot of people taking it up. Councils will be inundated with plans to approve, so time frames may be longer than normal.
The final stage of the process is the signing of the contract with the builder. Once the tender is accepted, the contract needs to be prepared, allow a week for this to happen. And if you are going to take advantage of the HomeBuilder Grant, this MUST be signed by the 31st December 2020.
So, as you can see, it takes many steps and time to prepare the required items even before the first piece of dirt can be moved.
If you are hoping to make the most of the HomeBuilder Grant and access the $25,000 on offer, you need to start NOW to ensure your house commences before 31st March 2021.
Start talking to a professional builder TODAY to ensure you will receive the free $25,000 on offer.
Everything you need to know is included in this free guide for consumers looking to engage a professional builder who can support you through the Design and Build process and help you make the most of the $25,000 HomeBuilder grant.