On 4 June 2020, the Australian Government announced HomeBuilder to assist the residential construction market by encouraging the commencement of new home builds and renovations.
What is HomeBuilder?
HomeBuilder is a time-limited grant program that 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 where the contract is signed between 4 June 2020 and 31 December 2020. Construction must commence within three months of the contract date.
HomeBuilder 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.
Who is eligible for the HomeBuilder grant?
HomeBuilder is available to individual applicants and couples who are or will be registered as the owner on the certificate of title.
However, 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 taxable income or later; or
- $200,000 per annum for a couple based on both 2018-2019 taxable income 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 (house and land) does not exceed $1.5 million (pre-renovation);
● Construction must commence on or after 4 June and within three months of the contract date.
Other Frequently Asked Questions (FAQs) :
1. What if my partner is not an Australian citizen?
Both applicants have to be Australian citizens to be eligible for the grant. Temporary or permanent residents do not qualify.
2. Can I use HomeBuilder as a deposit?
5% - 10% deposit is required unless you have a guarantor or equity in an existing property. The grant can be used to fund part of the cost of construction.
3. When do I get the grant?
Once construction or renovation starts.
4. Can owner-builders apply for HomeBuilder?
No, owner builders are not eligible for HomeBuilder. Investors are also not eligible.
5. Is HomeBuilder only available for first home buyers?
No, HomeBuilder is available for first home buyers and existing homeowners.
For more information, please contact us at : I H Professionals & Co Pty Ltd Level 17, 9 Castlereagh Street SYDNEY NSW 2000 Email: info@ihprofessionals.com.au Web: www.ihprofessionals.com Tel: 02 8041 8276
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