What is HomeBuilder?
Who's it for?
The scheme supports new home builders and those undertaking substantial renovations to an existing home.
If the contract is signed between 4 June and 31 December 2020, you can receive a $25,000 grant.
If the contract is signed between 1 January and 31 March 2021, you can be eligible for a $15,000 grant.
Available for a limited time only
HomeBuilder is available to home owner-occupiers for a limited time only.
Eligible building contracts must be signed between 4 June 2020 and 31 March 2021 and construction or renovation work must kick-off within six months of the signed contract date.
HomeBuilder can be accessed by all owner-occupiers (including first home buyers and established home buyers) provided the eligibility criteria is met.
The one-off grant payment is not available for owner-builders or investment properties.
Am I eligible for HomeBuilder?
Be an individual
Be an individual and not a company or trust.
Be an Australian citizen
Be an Australian Citizen aged 18 years or older.
Meet the annual income caps
Meet the annual income caps of $125,000 per annum for an individual applicant or $200,000 per annum for a couple, based on the 2018-19 tax return(s) or later.
Building a new home?
You'll need to enter into a building contract to build a new home as a principal place of residence, where the property value (house and land) does not exceed $750,000 (if contract is signed between 4 June and 31 December 2020) or does not exceed $950,000 in New South Wales, $850,000 in Victoria and $750,000 in all other states and territories (if contract is signed between 1 January and 31 March 2021).
Renovating your home?
You'll need to enter into a building contract to 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 the existing property prior to renovation (house and land) does not exceed $1.5 million.
Renovations cannot include additions to the property such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages (unconnected to the property).
Construction commence date
Ensure that construction of your new home commences within three months of the signed contract date
To apply for HomeBuilder, you may be asked for:
Proof of identity
A copy of the contract dated and signed by the applicant and the nominated registered or licensed builder#
A copy of the builder's registration or licence depending on state or territory requirements
A copy of your 2018-19 tax return (or later) to illustrate your eligibility under the income cap
Documents such as council development approvals, building contracts, occupation certificates and evidence of land value
More information on the documentation you will need to provide will become available through the relevant State or Territory authority.
Applications are now open in South Australia for the Federal Government's $25 000 HomeBuilder Grant. See the HomeBuilder Grant page for details on eligibility criteria and to access the application form.
You can register to receive updates when more information is available on the Treasury Coronavirus website.
Ready to build a house or renovate?
The construction period of your loan will be interest only. You have the option of applying for a further interest only period at the end of your construction period, otherwise, the loan reverts to principal and interest repayments.
* effective from 1st July 2020