On Thursday 4th June 2020 the Australian Government announced the new $25,000 HomeBuilder grant. This grant is available to eligible owner-occupiers (including first home buyers) when building a new home or substantially renovating an existing home.
If you've been thinking about building a new home, this could be the perfect opportunity... But you will need to be quick as it is only here for a limited time. We have outlined important information about the HomeBuilder grant below.
What is HomeBuilder?
HomeBuilder is a $25,000 tax-free grant that has been developed by the Australian Government to boost the residential construction market which has been impacted during the Covid-19 pandemic.
Eligible owner-occupiers will be able to access the HomeBuilder grant when building a new home or substantially renovating an existing home.
This is especially good news for our Queensland first home buyers who may be eligible to receive the $25k HomeBuilder Grant PLUS+ the $15k First Home Owners' Grant. Combined that's a huge value of $40,000 towards your deposit!
When is the Grant available?
The HomeBuilder grant will be available for building contracts that are signed between 4th June 2020 through to 31st December 2020. The construction or renovation will need to commence within three months of the contract date.
How to access HomeBuilder...
You can contact your relevant State or Territory authority on when and how to apply for HomeBuilder.
You will be able to apply for HomeBuilder when the Government of the State or Territory that you live in, or plan to live in, signs the National Partnership Agreement with the Commonwealth Government. HomeBuilder grants will be paid by the relevant State or Territory authority provided your meet the eligibility criteria.
If you're eligible and building through MWC Group, we will help you to take advantage of the grant. Please contact us for assistance.
Who's eligible for HomeBuilder?
According to the Government website fact sheets, to access HomeBuilder, owner-occupiers must meet the following eligibility criteria:
- you are a natural person (not a company or trust);
- you are aged 18 years or older;
- you are an Australian citizen;
- you meet one of the following two income caps:
- $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or
- $200,000 per annum for a couple based on both 2018-19 tax returns or later;
- you 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 property value (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 where the value of your existing property (house and land) does not exceed $1.5 million;
- construction must commence within three months of the contract date.
Owner-builders and those seeking to build a new home which will be used as an investment property, or renovate an existing home which is an investment property, will not be eligible for HomeBuilder.
The Government has released useful fact sheets which provide more information regarding the HomeBuilder grant.
You can download these at the links below:
We can help.
We specialise in providing low deposit options to those looking to build a new home.
As part of our home buyer service, we will help to ensure you're taking advantage of all grants and concessions available to you. Due to the limited timeframe of this grant, we urge you to contact us as soon as possible.
If you'd like to take advantage of the HomeBuilder grant and our Low Deposit Home Solution, please complete our free assessment form at the link below. Our team will then assist you through the next steps.
Last updated: 4th June 2020. Click here to view the Government website for more information.