Home Builder grant for subdivision

Discussion in 'Investment Strategy' started by The Nervous Investor, 5th Jun, 2020.

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  1. The Nervous Investor

    The Nervous Investor Member

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    Hi all,

    I'm relatively new to the forum & property investment for that matter but I'm watcher on many threads since March when I stumbled across some of the ASX threads.

    I have a question in relation to the recently announce $25K Home Builder grant which I initially wanted to post in Property Market Economics thread but unable to do so as a newb.

    I currently have a PPOR & the idea is to subdivide the 535m2 block, then build a new home in the empty rear block as my new place of residence & apply for the Home Builder grant to assist with the build.

    I've read through the fact sheets, FAQs & done thorough searches but can't seem to find any answers as to whether subdivisions meet the eligibility criteria.
     
  2. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    Hey there,

    I don't think a Sub division is classified as a renovation or a build. But if you're using it specifically to build the house then I would say you're eligible for it.
     
    punti and The Nervous Investor like this.
  3. Curious2019

    Curious2019 Well-Known Member

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    If your block is not already subdivided however, you may struggle to meet the timelines for the scheme. You must have a build contract by 31 Dec and start building within 3 months.
     
  4. skater

    skater Well-Known Member

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    535m2, is that large enought to sub-divide?
     
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  5. Charch

    Charch Well-Known Member

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    Im contemplating doing a Dual Occ. Do you think this will qualify. We will live in one side.
     
  6. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Your current intention may be for your elderly parent/s to live in the other side, or your son, daughter, & their respective partner/s. Your intentions may change due to unforeseen circumstances once the property is built. It might be wise to diarise your intentions, so you have a record should anyone ask at some future date.
     
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  7. The Nervous Investor

    The Nervous Investor Member

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    A few of our neighbours have recently built duplexes. I've been keeping an eye on the council's planning register and looks like all the plans to subdivide to 3 are getting knocked back, but they're approving 2.
     
    skater likes this.
  8. The Nervous Investor

    The Nervous Investor Member

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    Melbourne
    This is my main concern, especially the wait for council approval. The plan is to ultimately subdivide anyhow so I might get the drawings & submit to council then see how we go.