Although the HomeBuilder Grant has ended, now is still a great time to get started building your brand new home!
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The HomeBuilder Grant has ended, but there is still a number of grants & incentives available to claim.
On June 4 2020, the Australian Government introduced the HomeBuilder Grant as a temporary stimulus package designed to boost the construction industry and the economy. This stimulus package was an incredible opportunity, especially for first home buyers, to get into the property market. Although the HomeBuilder Grant has now ended, eligible buyers still have access to the First Home Buyers Grant, Stamp Duty Concessions and the buildtoday Deposit Assistance Package.
See below for a breakdown of the various grants and incentives available across Queensland, New South Wales and Victoria.
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We know that buying or building a house can, at times be confusing or overwhelming.
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If you would like to to take advantage of the First Home Owners Grant and our Low Deposit Home Solutions, get in touch with our New Home Guides today and we will help you understand what you qualify for.
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On the 29th of November 2020, The Australian Government officially announced that the HomeBuilder Grant is to be extended from the original December cut-off date till the 31st of March 2021.
Additionally, from the 1st of January 2021, the HomeBuilder Grant will reduce from $25,000 to $15,000 for all eligible applicants.
As well as the above, there have been a few other changes to the grant criteria. These include;
- An extended deadline for all applications to be submitted. Applications can now be submitted up until the 14th of April 2021 (inclusive). This will apply to all eligible contracts signed on or after 4 June 2020.
- An extension to the construction commencement timeframe from three months to six months for all HomeBuilder applicants. This will apply to all eligible contracts signed on or after the 4th of June 2020.
- An increase to the property price cap for new build contracts in New South Wales and Victoria to $950,000 and $850,000, respectively, where the contract is signed between the 1st of January 2021 and the 31st of March 2021, inclusive. The existing new build property price cap of $750,000 will continue to apply in all other States and Territories.
Other than the above, the existing program criteria applies.
In the wake of COVID-19, the Australian Government announced a new grant to help boost the residential construction market. This new tax-free grant can be used to build a new home or significantly renovate an existing home.
Those hoping to take advantage of the HomeBuilder Grant must enter a building contract to:
- build a new principal place of residence where the total value of the home (house and land) does not exceed $750,000 (or, starting from the 1st of January 2021, does not exceed $850,000 for VIC or $950,000 for NSW);
- or substantially renovate an existing as your principal place of residence where the renovation contract is between $150,000 and $750,000, and the total value of the home (house and land) doesn’t exceed $1.5 million.
Construction of the home must commence within six months of the contract date.
The new HomeBuilder Grant is available to all eligible owner-builders as of the 4th of June 2020. However, it’s only for a limited time.
Your contract must be signed between the 4th of June 2020 and the 31st of March 2021, and, as mentioned, your construction must begin within six months of signing the contract.
If you’re thinking this grant is only available to first time buyers, think again. That’s one of the best aspects of the HomeBuilder grant — you may be able to take advantage even if you already own a home.
In order to be eligible, you must be:
- a natural person — not a company or trust
- 18 years or older
- an Australian citizen.
Income caps also apply (based on your 2018-19 or later tax return):
- $125,000 per individual applicant
- $200,000 per couple.
The HomeBuilder Grant is not available to those looking to build or renovate a property to be used as an investment property.
Once the government of the state or territory that you live in signs the National Partnership Agreement with the Commonwealth Government, you will be able to apply. The funds will then be paid to you as long as you meet the eligibility requirements.
Contact your state or territory government for more information, or get in contact with one of our helpful New Home Guides for more information on the entire application process.