$25,000 Grants for Home Builders and Renovators

The new HomeBuilder scheme will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020.

The HomeBuilder Grant will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.

The Grant does however come with some limitations and to access the HomeBuilder Grant, 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.

If you are planning on building or renovating and are interested in finding out if there are other Grants you may be aplicable, feel free to get in touch and we can run through structuring your finance. We will help through the process of applying for the grant and all the way through the home loan application and post settlement.