The 25K renovation grant from the government is a most welcome gift if you are on the cusp of a substantial update of your home.
Use the checklist below to find out if you are eligible for this cash injection.
Eligibility criteria for the 25K renovation grant
If you can say YES to all 6 criteria listed below then – happy days – you are eligible for the subsidy under the Government’s HomeBuilder program:
- Are you 18 years old or older?
- Are you an Australian citizen?
- Do you live in the property yourself or intend to move into the house once it has been renovated?
- Is the current value of the house including land less than $1.5 million?
- Is the renovation work worth between $150,000 and $750,000?
- Did you earn below $125,000 (single) or $200,000 (couple) per year?
Did you say YES to all criteria listed? Then congratulations! You just scored yourself a financial injection for your home improvement project. No repayment necessary, this is a gift from the government to encourage you to pull forward any renovation work you intend to undertake.
Not eligible? Here’s an offer for you!
But even if you are not eligible for the 25K grant, we have some good news for you. To do our little part to stimulate the Coronavirus affected economy, Martina Hayes offers a highly competitive package deal for all home renovators based in Sydney including all its suburbs.
Home transformation for less
As a one-stop-shop for home renovators we offer you the following services:
- designing a floorplan you always dreamt of
- getting your project through Council or a private certifier
- renovating your kitchen and bathrooms
- helping you select finishes, such as flooring, tiles and kitchen benchtop
- assisting you with builder selection and tender and so much more.
Request more information about our package deal. Call Martina on 0434 498 450 or schedule a call. Alternatively, just leave your name and email below.
But let’s get back to the government’s $25,000 renovation grant.
Income cap for renovation grant
By the way, the earnings cap refers to your taxable income in the financial year 2018-2019. So you might wish to dust off your last year’s notice of assessment from the ATO to check out the amount of taxable income which is printed right on the top.
But not all is lost when your earnings were too high to meet the renovation grant criteria. The government also accepts it if you meet the income cap in the tax year 2019-2020. This is excellent news for homeowners who experienced a loss of income during the Coronavirus pandemic. Because your drop of income might just get you over the line.
Home improvement incentive
If this sounds like you, then you might wish to submit your tax return as soon as you can because there is no time to lose. And the prospect of potentially scoring $25,000 is a pretty good incentive to sort out your tax paperwork, I guess.
Subsidy available only in 2020
If you don’t want to go away empty-handed, be aware that you need to sign the builder contract by 31 December 2020. Furthermore, the work must commence within 3 months. This means time is of the essence.
Bear in mind that there are many tasks for you to complete before you are in the position to sign a renovation contract. You wish to have the design nailed down and got building permission if this is required. In addition, allow some time for the builders to submit their tenders. Compare their pricing carefully to avoid any regret afterwards.
Start your renovation project
To get the ball rolling, we are happy to come to your home to discuss what improvements you have in mind and to answer all the questions you might have. Call Martina on 0434 498 450 or schedule an appointment today. Alternatively, you can use this contact form. This initial site visit is free of any obligation.
Subsidy available for main property
To be eligible, your renovation must improve the accessibility, liveability and safety of your property. Excluded are any structures that are not attached to the property. This means for you, there is no government contribution if you wish to build or remodel a shed, pool or granny flat.
Documentation for renovation grant
To assess your application, you need to submit the following documentation at a minimum:
- Proof of identity.
- Contract with date and signature of you and your licensed builder.
- Copy of the builder’s licence.
- Your 2018-19 tax return (or later) to demonstrate that your income meets the income cap.
- Documents such as council approvals, building contracts or occupation certificates and evidence of land value.
Case study on renovation subsidy
A couple, Ryan and Emma, just purchased a run down Californian Bungalow in Sydney’s suburb of Lane Cove for $1.4 million. They are over 18, Australian citizens and have a combined taxable income under $200,000. Ryan and Emma redesign the floorplan and obtain a building permit before they sign the $160,000 renovation contract with the builder in November 2020. Ryan and Emma pay the builder $10,000 to commence renovation of their home on 2nd February 2021. They then apply directly to their NSW revenue office to receive the $25,000 renovation grant. The revenue office approves the application and submits the financial contribution directly to the couple.
As the couple are both first home buyers, Ryan and Emma may also apply for to the NSW State’s First Home Owner Grant and stamp duty concessions as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
How to apply for the renovation grant
You will be able to apply for HomeBuilder when the NSW Government signs the National Partnership Agreement with the Commonwealth Government. Check any updates on the Australian Treasury website where you can also register to receive an email as soon as more information is available.
Why HomeBuilder was implemented
The Government implemented the HomeBuilder program to help the construction industry to bounce back from the Coronavirus crises. The financial incentive encourages the commencement of new home builds and renovations this year.
Start your home transformation today
The first step towards your home transformation is to schedule a site visit with us. This is your opportunity to discuss your plans with a renovation design expert and ask whatever comes to mind to get a clearer picture of your project. We will talk you through possible options and guide you step by step through the entire renovation process.
We have compiled this information with the utmost care. However, no responsibility can be taken for the correctness of this content. Please refer to the Government website for detailed information.