Federal HomeBuilder grant 2020
The Australian Government has recently announced a new “HomeBuilder grant” to boost the Australian economy, particularly the construction industry, in light of the Coronavirus pandemic.
The new HomeBuilder grant provides eligible homeowners and first home buyers with a grant of $25,000.00 to build a new home or significantly renovate an existing home.
HomeBuilder requirements
The following eligibility requirements apply:
- you must be an Australian citizen (not resident);
- you must have an annual income of $125,000.00 or less or, for couples, your combined income in the last financial year must be $200,000.00 or less;
- the building or renovation contract must be entered into and signed between 4 June 2020 and 31 December 2020 and work must commence within three months from the contract date (current projects do not qualify);
- for new buildings, the value of the home (including land) must not exceed $750,000.00; and
- for renovations:
- the renovation must be valued between $150,000.00 to $750,00.00;
- the pre-renovation value of the home must not exceed $1.5 million dollars excluding fixtures such as sheds and granny flats; and
- some renovations are not covered such as adding a pool or detached garage.
HomeBuilder eligibility
Eligible homeowners will be able to apply for the HomeBuilder grant when their relevant State or Territory Government implements the grant.
The HomeBuilder grant is a temporary scheme which applies alongside existing first-home and home‑owner grants. You can register your interest to receive updates when more information is available on the Australian Government Treasury website.
The existing Queensland First Home Owners’ Grant provides $15,000.00 towards purchasing or building a new house or apartment where the value of the home (including the land) is less than $750,000.00. These grants have their own eligibility criteria.
First homeowners
First homeowners may also qualify for stamp duty concessions, and the federal government’s first-home loan deposit scheme and first-home super saver scheme.
If you are considering purchasing, building or renovating property and have any questions concerning the grants that may be available to you, please do not hesitate to contact our team of experienced property lawyers on (07) 4036 9700 or enquiries@millerharris.com.au.