HomeBuilder will provide a grant of $25,000 to eligible home owner-occupiers to build a new home or substantially renovate an existing home, including first home buyers.
HomeBuilder Grant of $25,000
FOR: Eligible home owner-occupiers
TO: Build a new home or rebuild or substantially renovate your home
Note: renovations must improve the accessibility, liveability and safety of the property
~ excludes: pools, spas, tennis courts, sheds & other fun things!
HomeBuilder is a tax-free program to assist the residential construction market by encouraging the commencement of new home builds or renovations.
If you were considering building a new home, complete a knock-down rebuild or to complete a substantial renovation on your existing home, you may be eligible to apply for a Government grant of up to $25,000 to put towards construction costs.
Renovations must improve the accessibility, liveability and safety of the property. So it excludes building a tennis court, pool or shed for the renovation contract for eligibility purposes.
The HomeBuilder can be in addition to existing government support measures, like state-based first home-owner grants and stamp duty concessions. It is also available together with the First Home Owner Super Saver Scheme and First Home Loan Deposit Scheme.
Am I eligible?
|Age and citizenship||You must be an Australian citizen and aged 18 years or older|
|Individual income caps||Your income must be below one of the two caps below: |
$125,000 per annum for an individual applicant
$200,000 per annum for a couple
based on latest tax return (either 2018/19 or 2019/20)
|Date of contract and construction||Building contract must be entered into between 4 June 2020 and 31 December 2020|
Construction must commence within three months of the contract date
|New home requirements||The new home must be occupied as a principal place of residence |
The completed value of the new build (land and property) cannot exceed $750,000
This criteria applies where vacant land is purchased either before or after 4 June 2020, with a contract to build entered into after this date
|Substantial renovations requirements||Substantial renovations to an existing principal place of residence must have a commercial contract price between $150,000 and $750,000 |
Renovations include where a property (house and land) is already owned and a knock down rebuild is completed (where the new build cost is capped at $750,000)
Pre-renovation value of the property must not exceed $1.5 million
Renovations must improve accessibility, safety or liveability and cannot include additions such as swimming pools, spas, sheds or stand-alone garages
|Property use||Must be used as your primary place of residence|
New or renovated dwellings cannot be intended for use as an investment property
|Companies, Trusts & owner-builders||Not available to companies or trusts, including SMSF’s|
Not available to owner-builders
|Evidence required||You’ll be required to provide|
Proof of identity, copy of signed & dated contract, copy of builders registration/licence and other documents eg. council approvals, contracts, valuations
|Other||All contracts & agreements must be entered into at arm’s length ie. commercial agreements |
All building & renovations must be carried out by a registered/licenced contractors
How do I apply?
Information on when and how you will be able to access HomeBuilder will become available through the relevant State or Territory revenue office (links below).
HomeBuilder will be implemented via a National Partnership Agreement, signed by the Commonwealth and State and Territory governments, who will then use existing processes to distribute the HomeBuilder payments.
The applications will be backdated to 4 June 2020, when the States and Territories begin accepting applications and will become available through the relevant State or Territory revenue office.
To find out more about this program and whether you might be eligible, speak to your accountant or financial planner at The Horizon Group or contact the state revenue office in your location
|Location||Website to watch|
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This information is intended to provide general information only and has been prepared without taking into account any particular person’s objectives, financial situation or needs. Before acting on such information, you should consider the appropriateness of the information