$25,000 Home Builder's Grant

Thursday 06 August 20

$25,000 Home Builder's Grant
$25,000 Construction Grant - Home Builder Scheme

We thought it couldn't get much better for first home buyers... Till now! This time, first home buyers and non-first home buyers alike can cash in on this new government grant.

The Australian government will fund grants worth $25,000 for eligible singles and couples planning to build or renovate homes. It has been revealed that the $25,000 HomeBuilder grant for new home builds and renovations will commence from midnight tonight.

To be eligible for the HomeBuilder Grant, you must:
  • Be building a new home worth less than $750,000 (this includes land value).
  • Be spending between $150,000 and $750,000 on a renovation for a home that has been previously valued at less than $1.5 million.
  • Be on an income of less than $200,000 for couples, and $125,000 for singles.
  • Be an Australian citizen aged 18 years or older and be an individual, not a company or trust.
This tax-free grant is available to all Australians, not just first home buyers! All dwelling types (house, apartment, house and land package, off the plan, etc.) will be eligible under the Home Builder scheme.

The grant will not apply to owner-builders or those who are planning to build a new home or renovate an existing home as an investment property. The grant also cannot be used for additions to the property that are not connected to the home, such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages.

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

HomeBuilder is available in conjunction with 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.

We are more than happy to help answer your questions and assess your borrowing capacity and eligibility for the Home Builder Grant.  Give us a call on 02 4905 0250.
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Grace Loans and Bethany Massey are Authorised Credit Representatives of BLSSA Pty Ltd, Australian Credit Licence number 391237. Authorised Credit Representative nos. GFS: 523940, Bethany: 513202. Content of site may not be fully up to date as lenders are constantly changing their loans and policies. Any advice provided on this website is of a general nature not taking into account your personal objectives and situation. Such matters are important to consider prior to taking any action. Please make an appointment to discuss your specific situation so that appropriate advice may be given with regard to suitable products using current information.