HomeBuilder $25k Grant Eligibility

HomeBuilder $25k Grant Eligibility

The full details of the Morrison Government’s highly anticipated new HomeBuilder grant have been revealed. If you have been putting off that renovation or new build, now is the time to get started.

What is the HomeBuilder Grant?
HomeBuilder is a government grant to help the residential construction market to bounce back from the Coronavirus crisis. The grant of $25,000 is payable to eligible homeowners that either build a new home, or substantially renovate an existing home in 2020.

Do I qualify for Homebuilder?

To access HomeBuilder, owner-occupiers must meet the following criteria:

  • You are a natural person (not a company of trust)
  • You are aged 18 years or older
  • You are an Australian citizen
  • You meet one of the following two income gaps:
    • $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
  • You enter into a 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, whether the renovation contract is between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million
  • Construction must commence within three months of the contract date.

 

Do I have to be a first home buyer to qualify for HomeBuilder? 
No, you don’t need to be a first home buyer to get the $25,000 HomeBuilder grant provided you meet the eligibility criteria above. You do however need to be living in the property for it to meet the criteria, so you won’t qualify if the funds are for an investment property.

What won’t HomeBuilder cover?

Under the grant, 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).

For further information on the HomeBuilder grant please click here.