$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

 

Who’s 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.