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Been thinking about buying or building a new home, or doing a major reno? Now could be the time to do it with some Canberrans able to access more than $35,000 in grants and stamp duty concessions from today.The Federal Government has announced its brand new HomeBuilder scheme, offering $25,000 cash grants for new home purchases or major renovations. The scheme is designed to help keep the construction sector going and keep people in the building industry employed.To qualify for the scheme, you have to be building a new home worth less than $750,000 or renovating an existing property valued at less than $1.5 million, plus pass an income test.But don’t expect to qualify if you’re just keen to get your DIY on and give your house a freshen up. The grant is only eligible for renovations that cost between $150,000 and $750,000, and you must engage a licensed builder. It also excludes structures separate to the main property, which means adding a swimming pool, tennis court or shed won’t make the cut, and is only available to owner occupiers.To qualify for the HomeBuilder grant, applicants must be earning $125,000 or less if they’re single, or couples must have a combined income of less than $200,000. The scheme is available to people who enter into contracts between June 4, 2020, and December 31, 2020, so unfortunately that means if you’re already in the process of building your dream home, you’ll miss out.And the news gets even better for Canberra residents.On top of HomeBuilder, the ACT Government has announced that stamp duty will be waived or reduced for 12 months on new land or off-the-plan apartments in Canberra.Starting today and running until June 30, 2021, Canberrans who buy new land single residential blocks, or an off-the-plan apartment or townhouse, valued up to $500,000 will not have to pay any stamp duty. For purchases of off-the-plan apartments and townhouses valued between $500,000 and $750,000, stamp duty will be reduced by $11,400.So now might be the time to step up the search for a brand new home, or get working on those renovation plans. Start your search for land or off-the-plan properties now on <a href="/">Zango</a>.

1 news articles with tag grant

Everything you need to know about the HomeBuilder grant and ACT stamp duty concessions