Federal Government recently announced a HomeBuilder grant of $25,000 for eligible owner-occupiers (including first home buyers) to build a new home or substantially renovate an existing home.
HomeBuilder is a time-limited, tax-free grant program to help the residential construction market to get through the Coronavirus pandemic.
The general eligibility for this grant are:
• 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 does not exceed $750,000 (including land and building) 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 does not exceed $1.5 million;
• construction must commence within three months of the contract date.
All dwelling types (house, apartment, house and land package, off-the-plan, etc) are eligible under HomeBuilder.
Only available for Owner Occupiers
Owner-builders and those seeking to build a new home which will be used for investment purposes, or renovate an existing home for investment purposes, are not eligible for HomeBuilder.
How do I apply?
You will be able to apply for HomeBuilder through your relevant State or Territory revenue office or equivalent authority, once the State or Territory Government that you live in (or plan to live in) signs the National Partnership Agreement.
What finance options are available for me?
At Finance Only, we have access to home building finance products from almost every lender in the market.
Please contact us or your lending manager to discuss your individual situation for a tailor-made loan solution that suits your requirement.
HomeBuilder is a time-limited, tax-free grant program to help the residential construction market to get through the Coronavirus pandemic.
The general eligibility for this grant are:
• 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 does not exceed $750,000 (including land and building) 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 does not exceed $1.5 million;
• construction must commence within three months of the contract date.
All dwelling types (house, apartment, house and land package, off-the-plan, etc) are eligible under HomeBuilder.
Only available for Owner Occupiers
Owner-builders and those seeking to build a new home which will be used for investment purposes, or renovate an existing home for investment purposes, are not eligible for HomeBuilder.
How do I apply?
You will be able to apply for HomeBuilder through your relevant State or Territory revenue office or equivalent authority, once the State or Territory Government that you live in (or plan to live in) signs the National Partnership Agreement.
What finance options are available for me?
At Finance Only, we have access to home building finance products from almost every lender in the market.
Please contact us or your lending manager to discuss your individual situation for a tailor-made loan solution that suits your requirement.
