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More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

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In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

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HomeBuilder scheme FAQs

By Grace Ormsby

June 05 2020
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Invest

HomeBuilder scheme FAQs

By Grace Ormsby
June 05 2020

Here are the answers to some of the most commonly asked questions around the unveiling of the government’s HomeBuilder scheme.

HomeBuilder scheme FAQs

By Grace Ormsby

June 05 2020
Share

Here are the answers to some of the most commonly asked questions around the unveiling of the government’s HomeBuilder scheme.

Am I eligible for the HomeBuilder scheme?

nestegg has provided a comprehensive list of the eligibility criteria that must be fulfilled by Australians wishing to benefit from the scheme here.

Why is the HomeBuilder eligibility criteria so strict?

According to the government, the eligibility criteria, price caps and income brackets are in place to manage demand and support residential construction activity.

What are the price caps associated with the HomeBuilder scheme?

For the construction of a new home, the property value (of the house and land) cannot exceed $750,000.

Where a renovation is being undertaken, the renovation contract must be priced between $150,000 and $750,000, and value of your existing property must not exceed $1.5 million.

Do I need to be a first home buyer to benefit from HomeBuilder?

No, you do not.

How can I access HomeBuilder?

The Australian government has advised contacting your relevant state or territory authority for information on when and how you can apply for HomeBuilder.

Steps still need to be taken for a national partnership agreement to be signed by all states and territories with the Commonwealth, but once this has occurred, states and territories will be able to backdate acceptance of HomeBuilder applications to 4 June 2020.

Can I appeal an unsuccessful HomeBuilder application?

The government has indicated that if you are not happy with the outcome of your application, you can request the matter be referred to the relevant state or territory dispute resolution body.

More information about this will be released in due course.

What documents will I need to apply for HomeBuilder?

Though not an exhaustive list, HomeBuilder applicants will at the very least be expected to supply the state or territory authority with:

Proof of identity;
A copy of the contract between the applicant and the builder that is dated and signed;
A copy of the builder’s registration or licence;
A copy of the applicant’s 2018-19 or later tax return; and
Documents including council approvals, building contracts, occupation certificates and evidence of land value

Is there a maximum number of people able to access the HomeBuilder scheme?

No. The government has indicated that HomeBuilder is an uncapped grant, but time restrictions will apply.

What dwelling types are eligible under the scheme?

Houses, apartments, house and land packages and off-the-plan purchases are all eligible under the scheme, so long as they fulfil the requirement that the owner-occupier must contract to either build a new dwelling or substantially renovate an existing owner-occupied dwelling.

When can I receive my HomeBuilder money?

If you are eligible and your application is successful, state and territory authorities will be responsible for providing you with the grant and will be able to provide a timeline.

Can I access the scheme to add a pool or shed on my property?

Unfortunately, no.

The renovation works must be for improvement of a dwelling’s accessibility, safety and liveability. HomeBuilder cannot be used for property additions such as pools, tennis courts, outdoor spas and saunas, sheds or garages that are not connected to the property.

Can I use HomeBuilder to build or renovate an investment property?

No. This falls outside the eligibility criteria.

Can I be an owner-builder or hire a relative to carry out the work under HomeBuilder?

Owner-builders are ineligible for HomeBuilder.

The government has also flagged that any building contracts that are entered into must be “at arm’s length” and not benefit from some sort of special relationship, such as being a relative.

Terms of the contract should be commercially reasonable, and the contract price cannot be inflated compared to fair market price.

Still got a question about the HomeBuilder scheme? We’ll endeavor to find out the answer for you! Get in touch with us here.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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