For new homes, the total value of the land and new build cannot exceed $750,000. It must become the grant recipient’s principal place of residence.
Renovation contracts must be between $150,000-$750,000, where the value of the property prior to the renovations does not exceed $1.5 million. Your annual income needs to be less $125,000 for individual applicants, or less than $200,000 for a couple based on your 2018-2019 tax returns or later.
The COVID-19 HomeBuilder Grant will be non-taxable. It will be paid by the relevant State or Territory authority. The grant is not available for investment properties or to owner-builders.
Additions to a property such as tennis courts, swimming pools, sheds and garages that are unconnected to the property, are excluded for renovation contract purposes.