On the 4th of June 2020, the federal government introduced the new HomeBuilders Grant for new home builds and substantial home renovations for eligible owner-occupiers. While any assistance to homeowners and the building industry is a great thing it is disappointing that we don't see this new grant helping the majority of our customers.
The eligibility criteria includes a number of areas including the individuals and couples personal details including age, property ownership details and income.
To view the complete HomeBuilder Grant guidelines you can visit the Victorian State Revenue Office website https://www.sro.vic.gov.au/homebuilder-grant-guidelines or the Australian Government website https://treasury.gov.au/coronavirus/homebuilder and view the fact sheets.
We have listed the main criteria items that need to be met to be eligible for the $25,000 payment as we see it for home renovations.
- Your renovation must be of a minimum value of $150,000.00
- The renovation must be to areas attached to the home - no swimming pools, tennis courts, sheds or garages
- The home needs to have been previously valued at less than $1.5 million
- The work must improve the accessibility, safety and liveability of the dwelling
- You must be 18 years or older, an Australian citizen and be an individual (not a company or trust)
When you look at the average cost for a standard bathroom renovation being between $20,000 and $30,000 it is hard to see how many people will be able to take advantage of the new scheme. Even if you were to do two bathrooms, a laundry and the kitchen most people with properties valued under $1.5 million would not spend the minimum amount of $150,000. Now if you have purchased a complete “fixer-upper” then yes you would more than likely be able to take advantage of this grant.
Bathroom Renovation Group can assist you in ways to reduce the overall cost of your renovation and help you save money. This includes design options to fit within your budget, suggestions on inclusions and providing 3d images free of charge.
