HomeBuilder is a tax-free grant program initiated by the Federal Government to stimulate the residential construction sector in response to the economic downturn caused by COVID-19. It provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home.
HomeBuilder will act as a lifeline to the home construction industry by encouraging the commencement of new home builds and renovations.
Am I Eligible?
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 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 does not exceed $1.5 million;
- construction must commence within three months of the contract date.
What types of homes are eligible?
All dwelling types are eligible for the scheme, including houses, apartments, house and land packages and off-the-plan purchases, provided the owner-occupier is building a new home or significantly renovating an existing home. Applicants must also meet the income eligibility test.
No grants will be given for property additions that are not connected to the main residence, such as pools, outdoor spas and saunas, tennis courts, sheds or garages. Owner-builders and those looking to build a new home as an investment property or renovate an existing investment property are not eligible.
What is the process and timing?
You will be able to apply for HomeBuilder when the relevant State or Territory Government that you live in, or plan to live in, signs the National Partnership Agreement with the Commonwealth Government.
Contact a lending advisor from Partners Wealth Group today on 1800 333 143 to see how we can assist with getting your approval in place, so that you can take advantage of the HomeBuilder grant once it has been approved.