If you’re considering renovating your home, you must have wondered, are there grants for home renovations in Queensland? The good news is, yes, there are a number of government home renovation grants available to help you offset the renovation costs.
These grant programs can provide financial assistance to you for home renovations. However, it further depends on the type of renovation you’re planning.
Whether you’re looking to make energy-efficient upgrades or want to spruce up your property, these grants will help you achieve your dream home renovation.
While applying for home renovation grants in Queensland is simple, there are still a few things you must learn before taking the plunge. This article will help you look at some of the grant options available to make your journey of renovating a home exterior in Sydney much more convenient.
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What is a home renovation grant QLD?
A homebuilder grant QLD is a sum of money given to Queensland homeowners to help with the cost of renovating their homes. The grant is typically given to those who are planning to make prominent changes to their homes, such as adding an extension or undertaking a considerable repair.
For example, you can use a grant to cover the cost of new appliances, flooring, or even major structural repairs. In some cases, you may even get a grant that covers the entire cost of your project.
With property prices at an all-time high, finding the perfect Sydney real estate for sale, along with a home renovation grant, will be a blessing for homeowners. Thus, if you’re considering undertaking a home renovation, be sure to research all the different grant options available to you.
Are you eligible for a QLD renovation grant?
Now that you got the answer to are there grants for home renovations available or not, let us learn how you can apply for the QLD government renovation grant.
You can be eligible for the home renovation grant in Queensland if you fulfil the following requirements:
- You are an Australian citizen over 18 years of age.
- You are an individual (Companies and trusts are not eligible).
- The total renovation cost lies between $150,000 and $750,000.
- The combined house and land value can be at most $1.5 million before the renovation.
- Your home’s renovation or construction contract was signed between June 4, 2020, and March 31, 2021.
- Your annual taxable income must be at least:
For singles
$125,000 per annum.
For couples
$200,000 per annum combined.
- By April 30, 2023, you must have received an invoice for and paid at least $150,000 (including GST) in building expenses.
- Under the terms of the contract, you must not carry out any of the construction work yourself.
- Within 18 months of the contract’s signature, construction activity must have started under the terms of the agreement.
Furthermore, to be eligible for a substantial renovation, the work must involve altering the existing dwelling to improve its accessibility or safety. While landscaping, swimming pools, and tennis courts can enhance your property, they are not considered substantial renovations for home renovation grants.
Families who are eligible for the grant will also be eligible for other State and Territory schemes, such as stamp duty concessions and first time home buyer grants in Sydney.
So if you’re thinking about making some major changes to your home, be sure to do enough research and plan carefully to ensure that your investment will pay off.
How to apply for the home renovations grant?
You can easily apply for the home renovators grant on the Queensland government website. These are the documents you must provide while submitting your application:
- Proof of Identity (Australian birth certificate, passport, or Australian citizenship certificate)
- A copy of your building contract (dated between June 4, 2020, and March 31, 2021)
- Evidence of the builder’s registration or license.
- A copy of your most recent Australian tax return.
- Council approvals, building contracts, occupation certificates, and proof of land value.
Be sure to include all the required information and submit it by the deadline. You should receive your grant money within a few weeks if everything is in order.
Are there any obligations while applying for building grants QLD?
You must be wondering, are there grants for home renovations available without obligations? In order to claim the first home renovation concession, there are a few obligations that you need to follow.
First, you must have moved into your renovated home or your principal place of residence and lived there continuously for at least 6 months. However, you can rent out one or more rooms during this period as long as this doesn’t affect your use of the home.
Second, be aware that your eligibility for the concessions may be impacted if the existing property is demolished or if you rent out any rooms in the first year after moving in. Later, you could be requested to attest that you’ve fulfilled these requirements and give the authorities proof of the occupancy duration for each applicant.
When is the home renovation grant paid?
After learning all about are there grants for home renovations available in Queensland, let us tell you when will the grant be paid to you.
Once construction has started and the builder has received at least $150,000 of the remodelling contract price, the grant will be deposited into the bank account you specify.
Remember that the grant is a one-time payment available only to an individual or couple who purchase their home. It’s not available for investors that do not live in the renovated property after it’s finished.
This renovation grant is a great way to get started on your home renovation project and can help you save plenty of money.
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