The HomeBuilder grant is a response by the Federal Treasury to COVID-19. The HomeBuilder Grant offers $25,000 in cash to eligible owner-occupiers.
The HomeBuilder grant is complementary to the First Home Buyers Assistance Scheme (FHBAS), First Home Owner Grant (FHOG), the Commonwealth’s First Home Loan Deposit Scheme (FHLDS), and the First Home Super Saver Scheme (FHSSS).
You are eligible to access HomeBuilder if you meet the following criteria:
- The prerequisites are you must be a natural person (i.e. not a company or trust), aged 18 or over, and an Australian citizen (this grant does not apply to residents).
- Firstly, the scheme only applies to your principal place of residence, i.e. you cannot use the grant for your investment properties.
- Secondly, you conform to one of two means tests. If you are an individual applicant, you must earn less than $125,000 gross according to your 2018-19 tax return; or if you are a couple applying, then you must earn less than $200,000 combined gross according to your 2018-19 tax returns.
- If you receive the grant, you must enter into a building contract between June 4th and December 31st, and work must begin within three months of the contract date.
- You may only use the grant within the contract, and the contract must comply with the constraints listed below.
- The contract value work must exceed $150k but not exceed $750k.
- Additions must improve accessibility, safety and liveability of the residence (swimming pools, spas, tennis courts, or sheds and garages not connected to the property are not eligible).
- The existing property value must be less than $1.5 million.
- Must be a new home as a principal place of residence
- The property value must not exceed $750,000 including land
Additional requirements include
- If you are seeking to build a new home or renovate an existing home as an investment property, you are ineligible.
- When you negotiate your building contract, all parties must deal with each other at arm’s length (this means the contract price must reflect fair market price).
- All building work must be undertaken by a registered or licenced building service and named as a builder on the building licence or permit.
- The HomeBuilder scheme is non-taxable.
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