The Federal Government Announces $25,000 Grant for Home Builders and Renovators

Homebuilder Grant Announced

The Government has revealed the $25,000 HomeBuilder grant for new home builds and renovations will commence from 4th of June 2020

To be eligible for the HomeBuilder scheme, you must:

  • Be an Australian citizen aged 18 years or older and be an individual, not a company or trust.
  • Be on an income of less than $200,000 for couples, and $125,000 for singles.
  • Be spending $150,000 or more on a renovation that has been previously valued at less than $1.5 million.
  • Be building a new home worth less than $750,000. 

Crucially, the grant will apply to everyone – not just first home buyers.

The scheme will not apply to investment properties or owner builders, those who are preparing to build or renovate without using builders.

The grant cannot be used for additions to the property that are not connected to the home, such as granny flats, tennis courts,s wimming pools, outdoor spas and saunas, sheds or garages.

The grant will be offered for contracts entered into between 4th June 2020 and 31st December 2020. Construction must begin within three months of the signing of the contract date to be eligible.

The program will be uncapped but the government expects it will cost $688 million, which equates to around 27,000 grants.

The scheme will work along with existing state and territory first-home owner grants programs, stamp duty concessions and other grant schemes, including the federal government’s first-home loan deposit scheme and first-home super saver scheme.

To find out more and to discuss your loans call us on 1300 861 336 or email [email protected]

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