What is the HomeBuilder grant?
The Australian Government’s new HomeBuilder program has been designed to help the residential construction market to bounce back from the Coronavirus crisis.
The grant will provide eligible owner-occupiers with a grant of $25,000 to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020. 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).
Who is eligible?
To access HomeBuilder, owner-occupiers must meet the following eligibility criteria:
- Individuals only, no companies or trusts
- Aged 18 years or older
- Australian citizens
- 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
- Sign 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; 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;
Owner-builders and those wanting to renovate or build investment properties are ineligible for HomeBuilder.
Now’s the time to build
The grant is in place until the end of the year, so if you’ve been thinking about a home extension or addition, now is the time to do it.
Every effort has been made to collect details from relevant government websites about the HomeBuilder program. Home owners are advised to do their own due diligence to assess eligibility for the grant.