Thinking about building a new home? Now is a great time!
In the wake of COVID-19, the Australian government has announced a new home building stimulus package to help all Australian’s who are looking to build a new home.
This new stimulus package is$25,000 HomeBuilder Grant.
This is an incredible opportunity for prospective buyers across the country, but you will have to be quick as this package is only available for a limited time.
Find all the answers to your questions below about the HomeBuilder Grant.
The HomeBuilder Grant is another initiative championed by the Australian Government to help repair our country’s economy by putting dollars in residents pockets and boosting the construction industry.
This new $25,000 tax-free grant is available to people looking to build a new home or significantly renovate their current home.
If you want to take advantage of the HomeBuilder Grant, then you must enter a building contract to:
build a new principal place of residence where the total value of the home (house and land) does not exceed $750,000; or
substantially renovate an existing as your principal place of residence where the renovation contract is between $150,000 and $750,000, and the total value of the home (house and land) doesn’t exceed $1.5 million.
Importantly, construction of the home must commence within three months of the contract date.
The new HomeBuilder Grant is available to all eligible applicants who sign their contract between 4 June and 31 December 2020, and begin construction within 3 months of signing the contract.
The HomeBuilder Grant is available to both first home buyers and people who already own a home who are looking to build a new home.
The eligibility criteria is below.
In order to be eligible, you must be:
a natural person — not a company or trust
18 years or older
an Australian citizen.
Income caps also apply (based on your 2018-19 or later tax return):
$125,000 per individual applicant
$200,000 per couple.
Unfortunately, the HomeBuilder Grant is not available to investors.
Yes, you may be able to use the new grant in conjunction with existing government grants, depending on eligibility.
Depending on eligibility, there are a number of possible grants and incentives available to people looking to build a new home.
To help you understand what you might be eligible for, have a look at the table below.
Once the government of the state or territory that you live in signs the National Partnership Agreement with the Commonwealth Government, you will be able to apply. The funds will then be paid to you as long as you meet the eligibility requirements.
Contact your state or territory government for more information.
You may still be eligible to receive the HomeBuilder Grant. However, keep in mind that the value of the land and the build cost combined cannot exceed $750,000.
You may still be eligible to receive the HomeBuilder Grant so long as the value of your land and build is not greater than $750,000.
We are happy to help you assess your eligibility and explore whether it is possible for your contract to be revised.
To get started on this, please get in touch with your Customer Relations Administrator as soon as possible.
No, unfortunately not. The HomeBuilder Grant is not available to those looking to build or renovate a property that will be used as an investment property.