Designed to stimulate the residential construction industry as the nation recovers from the covid crisis, the Federal Government’s HomeBuilder grant offers $25,000 to help Aussies build or renovate a home.
Since the grant was announced in June, several states and territories have announced complementary stimulus programs.
We have compiled all the data and resources to help answer all your questions.
1. How much can I get from the HomeBuilder Grant?
Through the HomeBuilder grant, $25,000 is available to help people build or renovate a home.
The $25,000 is on offer to those looking to spend $150,000 or more on a new house – including first-home buyers – or those wanting to renovate an existing property.
A new home can only be worth up to $750,000 and for a renovation, the property must be worth less than $1.5 million before work and cost between $150,000 and $750,000 to complete.
2. Can I get the HomeBuilder Grant if I’m a first home buyer?
Yes, HomeBuilder is open to first home buyers.
The grant is being offered in addition to existing state and territory programs like first home owner grants, stamp duty concessions and other schemes, as well as the Federal Government’s First Home Loan Deposit and First Home Super Saver schemes. That means those who are eligible could potentially get more than double the grant amount, depending on which state or territory they’re in.
In New South Wales for example, taking into account a $10,000 first homebuyer grant, up to $10,000 through the First Home Loan Deposit Scheme and $25,000 through HomeBuilder, a first home buyer could access up to $45,000 for a newly built home worth up to $750,000.
In Tasmania, the government has announced it will add $20,000 on top of HomeBuilder for all owner/occupiers, first-time or not.
3. Who is eligible for the HomeBuilder Grant?
HomeBuilder is available to individuals who earn less than $125,000 a year or couples on less than $200,000 a year. That means it’s expected to appeal to first home buyers, those looking at purchasing a house and land package and growing families wanting to upgrade.