HomeBuilder is an initiative by the Federal Government to stimulate the residential construction sector in response to the economic downturn caused by COVID-19.
It provides eligible owner-occupiers (including first home buyers) with a tax-free grant of $25,000 to build a new home or substantially renovate an existing home.
Does my home qualify for HomeBuilder?
There are a number of criteria homeowners have to meet to qualify for HomeBuilder.
— If you are renovating, you need to be spending more than $150,000.
— If you are building a new home, it needs to be worth less than the national price cap of $750,000.
— If you are renovating an existing property it needs to be valued at less than the national price cap of $1.5 million.
— The building works must improve the liveability, accessibility or safety of your home.
— You must enter into a building contract between June 4, 2020 and December 31, 2020, and
— Construction must commence within three months of the contract date.
Grants will NOT be provided for property additions that are not connected to the main residence, such as pools, outdoor spas and saunas, tennis courts, sheds or garages.
Owner-builders, and those looking to build a new home as an investment property or renovate an existing investment property, are NOT eligible.
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. You will be able to apply for HomeBuilder when the relevant State or Territory Government that you live in, or plan to live in, signs the National Partnership Agreement with the Commonwealth Government.
Further information is available on business.gov.au or by contacting 13 28 46.
You can download the fact sheets from the Australian Government website using the following links: