Government launches $25K builders and renovators HomeBuilder grant
The $25k HomeBuilder grant is a response to industry downturn during the COVID-19 pandemic. It hopes to give the residential construction market a boost by encouraging new home builds and renovations this year.
From today until 31 December 2020, HomeBuilder will provide all eligible owner-occupiers with a grant of $25,000 to build a new home or substantially renovate an existing home. Construction must be contracted to commence within three months of the contract date.
Owner-builders and those seeking to build a new home which will be used as an investment property, or renovate an existing home which is an investment property, are not eligible for HomeBuilder. However for owner-occupiers, the time-limited, tax-free grant program is available to those who meet the following eligibility criteria:
- You are a natural person (not a company or trust), aged 18 years or older and an Australian citizen.
- You meet one of the following two income caps: $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or $200,000 per annum for a couple based on both 2018-19 tax returns or later
- You enter into a building contract between 4 June 2020 and 31 December 2020 to either: build a new home as a principal place of residence, where the property value (house and land) does not exceed $750,000; or 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 your existing property (house and land) does not exceed $1.5 million.
- Construction must commence within three months of the contract date.
You don’t need to be a first home buyer to access the grant, however HomeBuilder is not available for investment properties. Your State or Territory revenue office will require certain documents to process your application, and these can be found on their relevant sites.
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