The Treasurer had just announced that the HomeBuilder program will be extended to 31 March 2021, but with a twist.
The original HomeBuilder offers a grant of $25,000 to people for substantially renovating or building a new home. The program is available for contracts signed up to 31 December 2020.
The extended HomeBuilder program will be available for contracts signed between 1 January 2021 and 31 March 2021.
The grant will be reduced from $25,000 to $15,000.
The property price cap for new building contracts in NSW and VIC has increased to $950,000 and $850,000 respectively. This new price cap only applies to the contracts signed between 1 January 2021 and 31 March 2021.
The existing new building property price cap of $750,000 will continue to apply to all other states and territories.
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;
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 purpose, or renovate an existing home for investment purpose, 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.
The original HomeBuilder offers a grant of $25,000 to people for substantially renovating or building a new home. The program is available for contracts signed up to 31 December 2020.
The extended HomeBuilder program will be available for contracts signed between 1 January 2021 and 31 March 2021.
The grant will be reduced from $25,000 to $15,000.
The property price cap for new building contracts in NSW and VIC has increased to $950,000 and $850,000 respectively. This new price cap only applies to the contracts signed between 1 January 2021 and 31 March 2021.
The existing new building property price cap of $750,000 will continue to apply to all other states and territories.
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;
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 purpose, or renovate an existing home for investment purpose, 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.
