Home Builder Grant - NSW Eligibility

We wish to undertake 'extensive renovations' at our house in Sydney
I live here with my wife and kids
I am over the $125K income threshold however our income as a couple is less than the $200K couple threshold (Wife stays at home)
however the title of the house is just under my name only
I am not sure if this will be an issue with homebuilder eligibility ?

if you see the application form they just ask who will be on the title and if not on title than I assume they wont consider you as a couple?
https://www.revenue.nsw.gov.au/_res...uilder-Grant-Application-and-Guide_Sample.pdf

edit: the question on application form is
"Are you or will you be the sole owner of the property, as listed on the certificate of title?"
can I answer this 'yes' and apply as couple?

 

thanks I will give them a call tomorrow
if its an issue than I might need to add wife to the house title

 

If you do need to add your wife there is a stamp duty concession available provided she is made a joint owner or 50% tenant in common . Also consider if refinance is a concern. This could affect future 100% deductibility if the home was to become rented.

• For substantial renovations, you must be registered on the title as owner of the property at the time that you enter into the contract for renovation works.

 

yes I got the answer and SRO and its no
both of us will need to be on title to be eligible

 

Important to consider timing of the reno contract. If the contract is dated Friday and the land title changes the following week OSR will knock back the HomeBuilder grant. Recommend chasing legal advice on change to title first. Once title has changed both owners contract for reno. Then it must commence within 3 months. Gonna be tight

 

yes, I haven't signed the builder contract yet
will first have mrs added to title
there is also mortgage on the house - guess we will also need banks approval before title can be amended?

 

Yes. Also consider if the property will ever be rented. If its not "refinanced" correctly 50% of deductions for interest could later be impacted. remember the old loan was for you to acquire 100%. If you dispose of 50% then what is the other 50% of the loan for ?

And a reportable CGT event - Likely $0 taxable. But the costbase will reset for 50% for your wife.