What the government’s new HomeBuilder grants mean for you
Everything you need to know about the new HomeBuilder grants and how to apply.
Confused about the federal government's new HomeBuilder grants? The aim of the stimulus, which was announced last week, is to give the building industry a boost by offering Australians who want to build or renovate their homes a cash incentive to go ahead and get started. But why is the government offering these 25k contributions and who is eligible for them? Here is everything you need to know about the new HomeBuilder grants, plus how to apply.
Everything you need to know about the HomeBuilder grants
What is the HomeBuilder grant?
It’s a time-limited grant of $25,000 for owner-occupiers to go toward the cost of building a new home or substantially renovating an existing home, including demolishing the home and rebuilding.
Why is the government offering this?
To stimulate the residential building market and help create jobs as the building industry recovers from the COVID-19 crisis.
Who is eligible?
You must be a private home owner and an Australian citizen aged over 18. It’s not available for companies or trusts. The grant is available to individuals with annual income up to $125,000 a year, or couples with a combined income of up to $200,000, based on 2018-19 tax returns.
I’m not a first-home buyer, am I eligible?
Yes, it applies to all owner-occupiers.
Is it available on all buildings?
It’s available for all dwelling types including houses, apartments, house-and-land packages and off-the-plan packages, but must meet certain criteria.
- The grant is available for new homes built as a principal place of residence, where the value does not exceed $750,000. This includes homes purchased off the plan.
- It is available for substantial renovations, costing between $150,000 and $750,000, of your existing home, where the value of the existing property does not exceed $1.5 million.