The Homebuilder Grant was introduced by the Australian Federal Government in June 2020 to assist the growth of the residential construction market, by encouraging the commencement of new home builds and renovations during COVID-19. The extended HomeBuilder Grant will assist homeowners, including first time buyers, to build a new home or renovate an existing home.
What is the HomeBuilder Grant?
The HomeBuilder Grant is a time-limited, tax free scheme to support positive growth of the residential construction market during the Coronavirus (COVID-19) pandemic.
How will this help first home buyers?
The HomeBuilder Grant will provide eligible owner-occupiers, including first home buyers, with a Grant of $15,000 to build a new home.
Is this available to Australians that are not first home buyers?
Yes, as long as the home being renovated is the applicant’s principal place of residence. For any applicants looking to use the Grant for an investment property will not be eligible.
How much is the HomeBuilder Grant?
For building contracts signed between 1 January 2021 – 31 March 2021, the HomeBuilder Grant amount is $15,000.
Did the HomeBuilder Grant amount reduce?
Yes – for all building contracts signed between 4 June 2020 and 31 December 2020, the HomeBuilder Grant amount was $25,000.
Is there a limit to how many people can receive HomeBuilder Grant?
The HomeBuilder Grant is an uncapped, time-limited Initiative.
What types of dwellings are eligible under the HomeBuilder Grant?
All types of dwellings, including but not limited to: houses, apartments, home and land packages, and off-the-plan constructions, are eligible under the HomeBuilder Grant. However, it must be in accordance with the requirement that the owner-occupier must contract to build a new dwelling or substantially renovate their existing dwelling.
What is the build timeframe for the HomeBuilder Grant?
The construction commencement timeframe is 6 months for all HomeBuilder applicants.
Is the HomeBuilder Grant taxed?
No, the HomeBuilder Grant will not be taxed.
Can the HomeBuilder Grant be used with other Government Initiatives?
Yes, if you are a first home buyer, the following Government Initiatives work in conjunction with the HomeBuilder Government Initiative:
- Current State and Territory First Home Owner Grants;
- First Home Loan Deposit Scheme;
- First Home Super Saver Scheme;
- Stamp Duty Concessions; and
- Other Grant Schemes.
How do I know if I am eligible for the HomeBuilder Grant?
To be eligible for the HomeBuilder Grant, owner-occupiers must meet the following eligibility criteria:
- You are a not applying as a company or trust;
- You are 18 years or older;
- You are an Australian citizen;
- You comply by one of the following income caps:
- Taxable income of $125,000 per annum for an individual applicant; or
- Taxable income of $200,000 per annum for a couple;
- You entered into a building contract between 1 January 2021 – 31 March 2021 to either:
- Build a brand new home which will be your principal place of residence, where the property value of the home and land package does not exceed $750,000;
- Substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, where the existing property value does not exceed $1.5 million; and
- The construction must commence within six months of the contract date.
For more information about the HomeBuilder Grant or to begin your journey of homeownership, contact Queensland Property Group via phone on 1300 248 514 or email [email protected].