What is HomeBuilder?
The Federal Government recently announced HomeBuilder as a limited-time grant to help the recovery of the residential construction market in the wake of the COVID-19 pandemic.
HomeBuilder provides eligible owner-occupiers with a grant of $25,000 to put towards the construction of a new home, or the substantial renovation of an existing home, where a contract is signed between 4 June 2020 and 31 December 2020.
Who is eligible for HomeBuilder?
To qualify for HomeBuilder, you must:
- be an owner-occupier (i.e. not an investor); and
- be a natural person (not a company or a trust); and
- be aged 18 years or older; and
- have an income based on your 2018-19 or later tax return of either:
- $125,000 per annum or less for an individual applicant; or
- $200,000 per annum or less for couples; and
- enter into a building contract between 4 June 2020 and 31 December 2020 to either:
- build a new home as a principal place of residence, where the combined value of the house and land does not exceed $750,000; or
- substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and the value of your existing house and land does not exceed $1.5 million; and
- commence construction within 3 months of the contract date.
Can other grants and schemes be used together with HomeBuilder?
Yes! You can qualify for HomeBuilder in conjunction with any other Federal and State schemes and grants you are eligible for.
Eligible first home buyers can qualify for Federal schemes such as the First Home Loan Deposit Scheme (FHLDS) and First Home Owner Super Saver Scheme (FHSSS), as well as State schemes such as the First Home Owner’s Grant and First Home Buyer Duty Concession/Exemption.
How do I apply for HomeBuilder?
In Victoria, HomeBuilder will be implemented, and the grants provided by, the State Revenue Office. Applications for HomeBuilder are not yet open but will commence once the State Government signs a National Partnership Agreement with the Commonwealth Government to implement HomeBuilder.
Acceptance of applications will be backdated to contracts signed from 4 June 2020.
As of 29 June 2020, no state governments in Australia have entered into a National Partnership Agreement with the Commonwealth.
Where can I find more information?
Please contact us for further information on the HomeBuilder grant and how it may apply to you.