HomeBuilder Grant: The Facts

HomeBuilder Grant: The Facts

To help stimulate the residential construction sector following the economic downturn caused by COVID-19, the Federal Government announced HomeBuilder. For a limited time, the HomeBuilder scheme will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or renovate an existing one.

Am I eligible?
To access HomeBuilder, you must meet the following criteria:

• You are an Australian citizen aged 18 or over (not a company or trust)

• You meet one of the following two income caps:
– for an individual applicant, have an annual income of $125,000 or less based on your 2018-2019 tax return or later
– for a couple, have a combined annual income of $200,000 or less based on both 2018-2019 tax returns or later

• You enter into a building contract between June 4 and December 31, 2020 to either:
– build a new home worth less than $750,000
– renovate your existing home, where the minimum spend is $150,000 and the value of your property does not exceed $1.5 million

• Construction must commence within three months of the contract date

What if I want to buy an off-the-plan dwelling?
If you sign a contract to buy an off-the-plan apartment or townhouse between June 4 and December 31, 2020 and construction commences on or after June 4, 2020 and no later than three months after the contract is signed, then the property purchase may also be eligible for HomeBuilder.

The grant cannot be used on investment properties or to construct things outside of the main residence such as pools, spas, tennis courts, sheds or garages.

According to the Treasury website, information on when and how to apply for HomeBuilder will become available through the State Revenue Office Victoria in due course.

Additional Information:
Treasury – HomeBuilder
Treasury – HomeBuilder FAQs
State Revenue Office Victoria – HomeBuilder Grants