What You Need to Know About the HomeBuilder Grant

 In Conveyancer, First Home Buyer, HomeBuilder Grant

The Australian Government announced the HomeBuilder Scheme in June as a response to the economic challenges of COVID19.

The scheme provides eligible owner-occupiers, renovators, and first home buyers access to a grant of $15,000 to $25,000 to help build, buy, or renovate a home.

You can apply for both the First Home Buyers Grant and the HomeBuilder Grant to make owning your dream home a reality.

Are you eligible for the HomeBuilder Grant?

To apply, you must be an Australian citizen and over 18 years old. Your annual income cannot exceed $125k, or $200k in total for couples.

$15,000 or $25,000

Whether you’ll get $15,000 or $25,000 depends on when you sign the contract for your build or renovation. If you signed your contract between 4 June and 31 December 2020, then you’ll be eligible for $25,000.

If you sign a contract between 1 January and 31 March 2021, the grant is reduced to $15,000. However, the new build price cap for this second grant is $950k (up from the $750k cap on the previous grant).

Need help? We can help you work out if you’re eligible and which grant you could receive.

Contact our expert team to walk you through the terms and conditions of this fantastic opportunity.

Building a new home?

To be eligible for the HomeBuilder Grant you’ll need to start construction within six months of signing your contract. You’ll also need to retain ownership of the property and occupy it as your principal place of residence for a continuous period of at least six months. This six-month period will need to begin as soon as construction is complete.

These requirements also apply to substantial renovations and off-the-plan purchases.

Renovating?

To be eligible for the HomeBuilder Grant for completing renovations, the value of your property cannot exceed $1.5 million (pre-renovation). The grant also only covers “substantial renovations” which must have a building contract value between $150,000 and $750,000. Licensed or registered contractors must complete your renovations.

Want $25k for your off-the-plan purchase?

To get a HomeBuilder Grant for an off-the-plan home, your contract price must be less than $750k, and construction cannot have commenced before 4 June 2020.

Applications for both the $15,000 and $25,000 grants close on 14 April 2021.

Let us help you apply! Call the friendly Impero Conveyancing Team today on 4910 0522

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