Build or Renovate with a HomeBuilder Grant

What is HomeBuilder?

HomeBuilder is a new tax-free grant from the Federal Government of $25,000, designed to stimulate the residential construction market in response to changing housing conditions caused by COVID-19.

The scheme supports new home builders and those undertaking substantial renovations to an existing home. Homebuilder is available to home owner-occupiers for a limited time only. Eligible building contracts must be signed between 4 July 2020 and 31 December 2020 and construction or renovation work must kick-off within three months of the signed contract date.

HomeBuilder can be accessed by all owner-occupiers (including first home buyers and established home buyers) provided the eligibility criteria is met. The one-off grant payment is not available for owner-builders or investment properties.

Am I eligible for HomeBuilder?

To receive the HomeBuilder grant, you’ll need to:

• Be an individual and not a company or trust;
• Be an Australian Citizen aged 18 years or older;
• Meet the annual income caps of $125,000 per annum for an individual applicant or $200,000 per annum for a couple, based on the 2018-19 tax return(s) or later;
• 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 the existing property prior to renovation (house and land) does not exceed $1.5 million.
  • Renovations cannot include additions to the property such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages (unconnected to the property).
• Ensure that construction of your new home commences within three months of the signed contract date

To apply for HomeBuilder

You may be asked for some of the following documents:

• Proof of identity;
• A copy of the contract dated and signed by the applicant and the nominated registered or licensed builder;
• A copy of the builder’s registration or license, depending on state or territory requirements;
• A copy of your 2018-19 tax return (or later) to illustrate your eligibility under the income cap;
• Documents such as council development approvals, building contracts, occupation certificates and evidence of land value.

More information on the documentation you will need to provide will become available through the relevant State or Territory authority.

For full eligibility requirements and FAQs on HomeBuilder, click here.

You can register to receive updates when more information is available on the Treasury Coronavirus website: https://treasury.gov.au/coronavirus/homebuilder

Want to talk to someone? We’re here to help.

Kick start your homeownership goals. Find out more about eligibility and how much you can borrow. One of our friendly staff will be in touch to take you through our lending options.

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Ready to Build a house or Renovate?

Build your dream home with a Construction Loan from People’s Choice. Choose from a range of Construction Loan options to best suit your needs:

• Package Variable
• Package Fixed (1 & 2 year terms only) *
• Basic Variable
• Standard Variable
• Bridging
  

* effective from 1^st July 2020

The construction period of your loan will be interest only. You have the option of applying for a further interest only period at the end of your construction period, otherwise the loan reverts to principal and interest repayments.

See how much you could put towards your new home with a range of Government schemes and grants currently available.

Information correct as at 22/06/2020. Government schemes and grants may change from time to time. You should always check the relevant government website to determine the current entitlements, qualifying criteria and application process. Grants may also vary, depending on your individual circumstance.

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Terms, conditions, fees, charges and lending criteria apply and are available on application.