Updated October 9, 2020.
On Thursday, June 4, 2020, the Prime Minister, Treasurer and Housing Minister announced the release of the new ‘HomeBuilder’ Grant. .
The HomeBuilder Grant is a $25,000 grant for eligible owner-occupiers who build a new home or carry out substantial renovation projects within specific dates and under specific eligibility criteria (listed below).
There were updates made to the scheme since it’s release, so we recommend reviewing the linked FAQs and Information Sheet below.
For new home builds – how do you know if you’re eligible?
- You must not have previously received a HomeBuilder grant in any state or territory of Australia.
- You must be at least 18 years of age. (Companies and trusts cannot apply.)
- You must be an Australian citizen at the time you apply.
- Your 2018–19 or 2019-20 annual taxable income must be below $125,000 for an individual or $200,000 for a couple.
- You will be the registered owner on the title.
- The home will be your principal place of residence after completion or settlement.
- The contract is signed between 4 June 2020 and 31 December 2020 to build a new home where the build amount and the value of the land (including any existing structures) is $750,000 or less
- The contract is entered into at arm’s length or otherwise at a fair market price.
- Excavation and site preparation for your new home must have commenced on or after 4 June 2020.
- If excavation and site preparation had not commenced when the contract was entered into, it must commence within 3 months of signing the contract. In limited circumstances, a 3-month extension may be granted.
Can I access the HomeBuilder Grant as well as the First Home Owner Grant?
Yes! If you’re eligible for both the HomeBuilder Grant and the First Home Owner grant, you will be able to receive both—giving you a total of $40,000 in grants plus stamp duty concessions (if eligible).
I live in Queensland, how can I get the extra $5000 Regional Home Building Boost Grant for first home owners.
The Regional Home Building Boost Grant is a State government initiative to help home owners in regional Queensland into their new home sooner. It will give you $5,000 towards the purchase or construction of a brand-new house, unit or townhouse valued at less than $750,000. This is seperate to the HomeBuilder Grant. You can find out if your suburb is included here.
When will the grant be paid?
The grant is paid into your nominated bank account after all the supporting evidence is submitted, including evidence that the foundations have been laid and the first progress payment has been made.
If you have borrowed from a financial institution, you can nominate the payment to go directly to your mortgage account.
Where can I go for more information?
We encourage you to book a free, no-obligation appointment with one of our New Home Sales Consultants who will assist in finding a lot and home design to suit your needs and falls within the eligibility requirements (ensuring you meet all other criteria such as the income threshold). You can book an appointment by completing the webform below.
FAQs and more information is available on the Treasury website.