Eligibility of the HomeBuilder Grant
The Australian Government has announced a HomeBuilder Grant of $25,000 for all new home buyers, not just first home buyers. Read on to see if you are eligible!
Would a $25,000 Grant encourage you to build a new home? That’s what the Australian Government hopes to achieve with the announcement of the HomeBuilder Grant as part of the Treasury Coronavirus Economic Response. The Grant hinges on a response and confirmation from the Victorian State Government before taking effect, and there are some criteria in place to ensure the Grant is effective.
Am I eligible?
You are eligible for the $25,000 HomeBuilder Grant if you are building a new home, even if you are not a first home buyer.
The Australian Government outlines the specific additional criteria as:
- you are an individual, not a company or trust;
- you are aged 18 years or older
- you are an Australian citizen
- you meet one of the following two income caps:
- $125,000 per annum for an individual applicant based on 2018/19 tax return or later; or
- $200,000 per annum for a couple based on your combined on 2018/19 tax return or later;
- You enter into a building contract between 4 June 2020 to 31 December 2020 to either:
- build a new home as a principal place of residence valued up to $750,000 (including land); or
- substantially renovate your existing home as a principal place of residence, with renovations valued at
- between $150,000 and $750,000 with the dwelling not valued at more than $1.5 million before the renovation;
- Construction must be contracted to commence within three months of the contract date.
When is it available?
HomeBuilder will be available to eligible owner-occupiers where the contract is entered into between 4 June 2020 and 31 December 2020. This is subject to approval, implementation and administration by the State Revenue Office.
How do I apply?
Following the announcement by the Federal Government, the Grant will be implemented by respective revenue offices in each of the States. Being the Housing Industry Association’s Most Professional Major Builder in Australia, rest assured, we will stay up to date with the latest news and information from the Victorian State Revenue Office to ensure all eligible customers receive the full entitlements of the stimulus.
You can read more information on HomeBuilder, including eligibility, on the Treasury Coronavirus Economic Response website.