What is the HomeBuilder Grant?
This Australian Government initiative could help you build a new home or substantially renovate your current home…
HomeBuilder provides eligible Owner Occupiers (including first home buyers) with a grant of from the Australian Government to build a new home or substantially renovate an existing home.
The amounts available are:
$25,000 where the contract is signed between 4 June 2020 and 31 December 2020
$15,000 where the contract is signed between 1 January 2021 and 31 March 2021
The time-limited grant program aims to assist the residential construction market bounce back from the Coronavirus crisis by encouraging the commencement of new home builds and renovations this year.
It is designed to complement existing State and Territory first home owner grant programs, stamp duty concessions and other grant schemes, and will be implemented through a National Partnership Agreement.
The grant, together with our loan products, may be able to help you build your dream home or make some significant renovations to your current home. Find out more about our home loan products or our construction loans.
To access HomeBuilder, Owner Occupiers must meet the following eligibility criteria:
- 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 taxable income or later; or
– $200,000 per annum for a couple based on both 2018-19 taxable income or later
- You enter into a building contract 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 (house and land) does not exceed $1.5 million (pre-renovation)
- Construction must commence on or after 4 June and within three months of the contract date
- Companies or trusts are not eligible for the grant
The building work undertaken on your home must be undertaken by a person who currently holds a relevant licence as required under the Building Work Contractors Act 1995 (but not an owner builder) and held that licence on:
- 4 June 2020 (for contracts signed between 4 June 2020 and 28 November 2020); or
- 29 November 2020 (for contracts signed between 29 November 2020 and 31 March 2021)