05 June 2020
The Federal Government has just released details of its latest stimulus package which will see new home builders (including first home buyers) receive a $25,000 grant to help build their home.
The HomeBuilder grant provides eligible owner-occupiers with a grant of $25,000 to build a new home or substantially renovate an existing home. The program is designed to assist ther residential construction market by encouraging the commencement of new home builds and renovations this year.
Kingsford at Bullsbrook has a large range of land options that will allow eligible buyers to gain access to the grant.
HomeBuilder is a time-limited grant program to help the residential construction market to bounce back from the Coronavirus crisis.
HomeBuilder will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020. Construction must commence within three months of the contract date.
DOWNLOAD HOMEBUILDER FAQs
HomeBuilder will complement 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.
Are you Eligible?
To access HomeBuilder, owner-occupiers must meet the following eligibility criteria:
- you are a natural person (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 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, where 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.
Process and Timing
HomeBuilder will be implemented via a National Partnership Agreement, signed by the Commonwealth and State and Territory governments. This approach will utilise existing state and territory mechanisms to distribute the HomeBuilder payments.
When the States and Territories begin accepting HomeBuilder applications, they will backdate acceptance of these applications to 4 June 2020.
Information on when and how you will be able to access HomeBuilder will become available through the relevant State or Territory revenue office.
If you have any questions, please feel welcome to call us on 9217 3680, or visit us this weekend at the Land Sales Office, off Chittering Road, Bullsbrook.
First home buyers Emma and Liam decide to purchase a house and land package
Emma and Liam enter into a house and land contract for $550,000 on 25 September 2020. Emma and Liam’s bank applies on the couple’s behalf to the relevant State or Territory revenue office to receive the HomeBuilder $25,000 grant. The revenue office conducts the eligibility checks and reviews the couple’s documentation and confirms that both Emma and Liam are Australian citizens, over the age of 18, have a combined taxable income under $200,000 based on their 2018-19 tax return and the value of the contract is under the $750,000 contract price cap.
As the couple are both first home buyers, Emma and Liam may also be entitled to their State’s First Home Owner Grant and stamp duty concessions as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.