Everything You Need To Know About The $25,000 HomeBuilder Grant
The Government HomeBuilder grant is a residential construction scheme created by the Federal government to help the construction industry bounce back after the COVID-19 crisis. It allows eligible owner occupiers (including first home buyers) access to a grant of $25,000 to build a new home or renovate an existing home.
Who is eligible?
To be eligible for the HomeBuilder grant you must meet the following criteria:
- You are a natural person (not a company or trust)
- You are aged 18 or over
- You are an Australian citizen
- For the financial year, you must not earn over:
- $125,000 for individuals
- $200,000 total for couples
- You enter a building contract between 4th June 2020 to 31st December 2020
- The home must be your principal place of residence (not an investment property)
- Construction must start within 3 months of the contract date
If building a new home (vacant land)…
The total value of the property must be $750,000 or less, including the value of the land, even if you purchased the land prior to when the grant was announced.
If knocking-down and rebuilding…
Knock-down, rebuilds are considered a substantial renovation and must be between $150,000 – $750,000. The existing property value must not exceed $1.5m (before knock-down).
Additions are excluded…
The HomeBuilder grant cannot be used for additions to the property such as swimming pools, tennis courts, outdoor spas, saunas, sheds or unconnected garages.
Applying for the grant…
Applications are sent to your relevant State or Territory revenue office or equivalent authority, your financial institution or bank can also apply on your behalf.
For more information, visit treasury.gov.au
Hudson Homes has made every effort to provide accurate and complete information at the time of writing, however this may be subject to change. Please speak to a new Home Consultant for further guidance about the 2020 HomeBuilder grant and eligiblity.
