$25k HomeBuilder offer – What we know so far
The federal government recently announced a $700 million housing package for Australians
to access $25,000 grants to build a new home or start a major renovation.
What does that mean for you?
As a first home buyer or owner-occupier, understanding what federal grants, incentives and
discounts that are available to you can be a nightmare.
We’ve cut through the headlines and jargon and created a snapshot of the HomeBuilder Grant.
What is the HomeBuilder Grant?
- $25,000 grant to build a new home or start a major renovation
- Available to eligible first home buyers and owner-occupiers
- Must be entering into building contract between 4 June 2020 and 31 December 2020
- Construction must be with a licensed builder, and start within 3-months of the contract date
- Available to anybody who successfully applies
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.