News & Events
$25,000 for eligible new home buyers under HomeBuilder plan
In welcome news, Prime Minister Scott Morrison, has made available $25,000 to help fund the cost of newly built homes via the HomeBuilder grant.
Unusually, the HomeBuilder grant will benefit all potential home buyers, irrespective of whether you’re buying your first or subsequent home. This means that if you already own a home but you want to build your brand new dream home, you may be able to access these additional funds.
The additional funding will only be available for a limited time as part of the government’s COVID-19 recovery package.
$25,000 for eligible new home buyers under HomeBuilder plan
How does HomeBuilder funding work?
To access the HomeBuilder grant you must enter into a building contract between 4 June 2020 and 31 December 2020 to build a new home as your principal place of residence.
Once you’ve entered into the contract, you must commence construction within 3 months of the contract date.
Importantly, the value of the property (house and land) you are building cannot exceed $750,000. Also, the HomeBuilder grant cannot be used to purchase an investment property – it must be for a home that you intend to live in as your principal place of residence.
You can apply for the HomeBuilder scheme through the Victorian State Revenue Office with applications to be accepted shortly.
Am I eligible for HomeBuilder?
Applicants for the HomeBuilder grant must be over 18 and Australian Citizens.
There are also income tests:
- couples cannot earn over $200,000; and
- individuals cannot earn more than $125,000.
Can I still claim the first home owner grant, stamp duty concession and other grant schemes?
Yes, the HomeBuilder grant will be in addition to existing government grants and program, including:
- $20,00 First Home Owner Grant for regional areas – more information is available here.
- $10,000 First Home Owner Grant – more information is available here
- First home buyer stamp duty exemption -- no stamp duty (properties worth up to $600,000) or a 50% stamp duty discount (properties worth up to $750,000) for first home buyers. More information is available here.
- First Home Loan Deposit Scheme -- allowing eligible first home buyers to borrow with a 5% deposit and no lenders mortgage insurance – more information is available here.
