Homebuild grant 2020 for Renovations

Tuesday, 10 November 2020

The Australian Government announced the HomeBuilder grant on 4 June 2020. The $25,000 grant is provided to eligible owner-occupiers (including first home buyers) to build a new home, substantially renovate an existing home or buy an off the plan home/new home.

The catch is that the eligible contract must be signed between 4 June 2020 and 31 December 2020 (inclusive), so there is not much time left.

Even though construction need not commence prior to 31 December 2020, it cannot have commenced before 4 June 2020.

So with people spending more time at home some may be thinking to utilise the grant to renovate a room or two. If this applies to you then there is a tool to help you get a better understanding of the costs associated with your total renovation objectives.

The renovation calculator was launched by Suncorp and is powered by CoreLogic. It can be used to estimate the cost for your renovation no matter which suburb you’re in and the type of renovation you want. The total estimated cost is calculated for the entire renovation be it your bedroom, kitchen or bathroom redesign, including any painting, lighting, services, fees and fixtures. This is all calculated based on your answers to a list of questions.

The calculator helps provide you with a realistic cost to base your budget on for the entire project.

Lisa Claes, CEO of CoreLogic International said that the “renovation tool utilises data which is updated quarterly to estimate the cost of renovations, including trades, services and materials based on the customer’s location and quality of fixtures used. All facets of the build, including labour and materials, are incorporated, which helps to more effectively estimate the total cost.”

You can find the Suncorp Renovation Calculator powered by CoreLogic at https://renovation-calculator.corelogic.com.au/suncorp

This is where you will find the HomeBuild application form and lodgement guide to assist in preparing your application for lodgement via the online portal.

Remember that applications must be received no later than 31 December 2020.

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