A $25k grant provided by the Federal Government to help renovate or build new homes.
The HomeBuilder grant is a new program announced by the Federal Government to provide eligible owner-occupiers with a grant of $25,000 to build a new home or substantially renovate an existing home.
- Applicants must be over 18, Australian citizens and applying as individuals (not companies or trusts).
- The applicants must be owner-occupiers and can’t apply for the grant if they are residential investors.
- Income caps are $125k for individuals and $200k for joint-applicants. This is assessed using 2018/19 tax returns or later.
- Applicants must enter into a building contract between 4 June 2020 and 31 December 2020 and must either: build a new home valued less than $750k.
- renovate an existing home with construction costs between $150k-$750k, and the final value of the property not exceeding $1.5m.
- The building contract must be made freely by the two parties and must be free from special relationships (e.g. family members).
- The renovations must be completed by a licensed builder or contractor.
- Renovations must improve the accessibility, safety or liveability of the dwelling.
- The grant can’t be used for additions to the property such as swimming pools, tennis courts, outdoor spas, saunas, sheds or garages.
- Applicants must start construction within three months of receiving the grant.