BSB 805 050

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BSB 805 050

FAQ

Find answers to some of the most common questions from our members 

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HomeBuilder

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  • What is a Construction Loan?

    A Construction Loan is a loan that allows you to make progress payments to your builder as construction progresses. As such, your Lender will need a lot of detail from your builder. Your builder should be able to supply you with a Builders Pack. Discuss what is involved with one of our Lenders.

  • What documents do I need to provide when applying for HomeBuilder?

    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 your 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.

    Applications are now open in South Australia for the Federal Government's $25,000 HomeBuilder Grant. See the HomeBuilder Grant page for details on eligibility criteria, documents to provide and to access the application form.

  • What builders can I use If I want to apply for HomeBuilder?

    A registered or licensed builder depending on the state or territory where the home will be built or renovated. In addition, the contract must be made between two individual parties that do not have a special relationship i.e. a relative. It is important that you are satisfied that your builder has provided you with a fair market price and your contract is commercially reasonable.

  • What types of houses qualify for HomeBuilder?

    All types of residential housing - house, apartment, house and land package, off-the-plan, etc is eligible under HomeBuilder .

  • Can I access other grants or schemes if I qualify for HomeBuilder?

    Each State and Territory have their own grants, often targeted at First Home Buyers but also some specific to building new homes. It is possible that you may qualify for other grants in your State or Territory. To find out, check out your State or Territory Revenue office website.


    VIC: https://www.sro.vic.gov.au/
    SA: https://www.revenuesa.sa.gov.au/
    WA : https://www.wa.gov.au/
    NSW: https://www.revenue.nsw.gov.au/
    QLD: https://www.qld.gov.au/
    TAS: https://www.sro.tas.gov.au/
    ACT: https://www.revenue.act.gov.au/
    NT: https://nt.gov.au/

  • Does my home qualify for HomeBuilder?

    There are a few criteria Home owners need to meet to qualify for the HomeBuilder Grant:

    You must enter into a building contract between 4 June 2020 and 31 December 2020 to;

    • build a new home as a principal place of residence. The property value (house and land) should not exceed $750,000; or
    • substantially renovate an 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 (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).

     

  • What is HomeBuilder?

    HomeBuilder is a time limited, tax free grant program launched by the Federal Government to help the housing construction market to get through the Coronavirus pandemic. HomeBuilder provides eligible owner-occupiers (including first home buyers) a grant of $25,000 to help build a new home or renovate an existing home.

  • 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

     

    Applications are now open in South Australia for the Federal Government's $25,000 HomeBuilder Grant. See the HomeBuilder Grant page for details on eligibility criteria and to access the application form.

  • Who is an Owner-Builder?

    A licensed or registered builder cannot undertake building or substantial renovation work on their own property. An owner-builder is a person who is the registered or licensed builder and who takes legal responsibility for domestic building work carried out on their own land/property. Further detail will be made available through the relevant State or Territory administrative authority.

  • How long will the HomeBuilder scheme be available?

    HomeBuilder is time-limited and will be available for a building contract signed between 4 June 2020 and 31 December 2020. The construction or renovation of the house must commence within 3 months from the signed contract date.

  • Can I access HomeBuilder if I am not a First Home Buyer?

    Yes, HomeBuilder is available to all owner-occupiers, that includes first home buyers and those that are not first home buyers, provided the eligibility criteria is met. HomeBuilder is not available for investment properties or to owner-builders.

  • Are investors eligible for HomeBuilder?

    No, HomeBuilder is not available to those looking to build an investment property

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