$25,000 HomeBuilder Scheme For New Home Builds and Renovations
The federal government will provide eligible Australians $25,000
to build or substantially renovate their homes.
In addition, this tax-free grant will apply
to all owner-occupiers – not just first home buyers.
To be eligible for the HomeBuilder scheme, you must:
- Be an Australian citizen aged 18 years or older and be an individual, not a company or trust.
- Have an income of less than $200,000 for couples, and $125,000 for singles.
- 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.
- Plan on building a new home worth less than $750,000 (this includes land value).
Dwelling types, such as a house, apartment, house and land package and off the plan will be eligible under this scheme. The Homebuilder grant will be provided for contracts entered into between 4 June 2020 and 31 December 2020. Construction must be contracted within 3 months of the contract date to be eligible for the grant.
The Homebuilder scheme will complement the 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 and First Home Super Saver Scheme.