Everything you need to know about the $25k HomeBuilder grant

​Amidst the roller coaster ride of 2020, we reached a silver lining. The Australian government announced HomeBuilder: a $700M housing package for Australians to access $25k grants for building a new home or substantially renovate an existing home.

This is available to eligible owner-occupiers including first home buyers and is a time-limited, tax-free grant program to help the residential construction market to get through the Coronavirus pandemic by encouraging the building of a new home and renovations this year.

HomeBuilder is available for building contracts signed between 4 June 2020 and 31 December 2020, where construction or renovation commences within three months of the contract date.
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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
  • $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 (house and land) does not exceed $750,000
  • 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

• construction must commence within three months of the contract date.

If you want to know if you meet the eligibility requirements or just want to know more about the HomeBuilder grant, book a Zoom meeting for us to discuss!

Let's chat!