Since the Federal Government announced the HomeBuilder program 2 months ago, homeowners have been eagerly awaiting their opportunity to apply – and the time is finally here.
The grant is open to eligible first home buyers and owner-occupiers building or substantially renovating their new or existing homes.
The scheme aims to stimulate the residential construction industry, which has taken a hit during the COVID-19 crisis.
Who is eligible for the $25,000 HomeBuilder grant?
According the the Federal Government fact sheet, 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 (house and land) 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 (house and land) does not exceed $1.5 million;
- construction must commence within three months of the contract date.
Owner-builders and those seeking to build a new home which will be used as an investment property, or renovate an existing home which is an investment property, will not be eligible for HomeBuilder.
If you already own a block of land but haven’t already signed a contract to build your home, you may also be eligible:
If you own a property (house and land), and knock the house down to rebuild – this will be counted as a substantial renovation, and therefore subject to the renovation price range of $150,000 to $750,000 provided the total value (house and land) of the property does not exceed $1.5 million pre-renovation;
“If you own vacant land before 4 June 2020, and then build, the total value of the land and new build cannot exceed $750,000; or
If you buy the land after announcement, and then build, the total value of the land and build cannot exceed $750,000.”
How to apply for the HomeBuilder grant.
State Revenue Office Victoria is accepting applications online.
New South Wales:
Revenue NSW is now accepting applications online.
The ACT hasn’t provided an online form yet, but you can register online.
The South Australian Revenue Office is accepting applications.
In Queensland the Office of State Revenue is taking applications.
The State Revenue Office of Tasmania is taking applications.
Revenue WA accepting applications.
The Northern Territory Revenue Office is now accepting applications.
Developers have released their own incentives on top of the HomeBuilder grant, including Blue Earth, DealCorp and Castran Gilbert. The Blue Earth Home Buyer Bonus is $25,000, is not means tested, applies to both investors and owner occupiers, and is completely unrestricted. Eligible homeowners can now take advantage of DealCorp’s offer to double the HomeBuilders grant from $25,000 to $50,000. Castran Gilbert is also matching the grant with $25,000 for a limited time, available to eligible purchasers.