$25,000 HomeBuilder Grant 

On 4th June, 2020, the Prime Minister announced the Government will be supporting jobs in the residential construction sector with the introduction of the new HomeBuilder Grant. 

HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home where the contract was signed between 4th June, 2020, & 31st December, 2020. Construction must commence within three months of the contract date.

HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations.

You will be able to apply for HomeBuilder when the relevant State or Territory Government that you live in, or plan to live in, signs the National Partnership Agreement with the Commonwealth Government.

Information on when and how you will be able to apply will become available through the relevant State or Territory revenue office in due course. In Victoria the HomeBuilder will be administered by the State Revenue Office and further information will be published on their website https://www.sro.vic.gov.au/ in the near future. 

Fact Sheet from Treasury - HomeBuilder 

FAQ's for HomeBuilder from Treasury 


Eligibility

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: 
  1. $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or 
  2. $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: 
  1. build a new home as a principal place of residence, where the property value does not exceed $750,000; or 
  2. 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  does not exceed $1.5 million; 
• construction must commence within three months of the contract date
 

The renovation works must be to improve the accessibility, safety and liveability of the dwelling. It cannot be for additions to the property such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages (unconnected to the property). For people who are first home buyers, the grant can be accessed in addition to the $10,000 or $20,000 (regional) payments from the First Home Owner Grant (FHOG). With this state measure considered, regional Victorians have the potential to receive up to $45,000 cash back.

If you are seeking further clarity around the HomeBuilder grant and how to obtain finance for your renovation or building project, please reach out to This email address is being protected from spambots. You need JavaScript enabled to view it.from CS Lending Group.