HomeBuilder Program – all you need to know

Announced on 4 June 2020, the HomeBuilder Program will provide all eligible owner-occupiers (not just first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home.

It is hoped HomeBuilder will help to support the residential construction sector including businesses and sole-trader builders, contractors, property developers, construction materials manufacturers, engineers, designers and architects.

It is also a nice boost for Australian’s wanting to build their home or renovate existing houses.

Key details include:

  • Applies to contracts entered into between 4 June 2020 to 31 December 2020
  • The property value must be worth $750,000 or less (including land value)
  • If doing a renovation, the value of property must be less than $1.5 million
  • Renovation price range must be over $150,000 up to $750,000
  • For singles, taxable income for 2018/19 or 2019/20 must be $125,000 or less
  • For couples, combined taxable income for 2018/19 or 2019/20 must be $200,000 or less
  • Construction must be contracted to commence by 21 June 2021
  • Investors and owner builders will be ineligible
  • This cannot be used for additions to the property that are unconnected to the place of residence such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages
  • This can be used in conjunction with existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
    • i.e. an eligible first home buyer in Victoria will now get $45,000 in grants when building their first home.

HomeBuilder will be implemented via a National Partnership Agreement, signed by the Commonwealth and State and Territory governments. Information on when and how you will be able to access HomeBuilder will become available through the relevant State or Territory revenue office.

 

For full details on the program please see the following government pages:

 

If you have any questions about the grant please call us to discuss on 03 5443 0344 or email afs@afsbendigo.com.au