Phew- what a year 2020 was! To help home buyers and the construction industry, two new grants were available for eligible home buyers. Yep, you could get up to $25,000 with the HomeBuilder Scheme, $20,000 with the Building Bonus Package, and $10,000 with the First Home Owners Grant!
From 1st January 2021 to 31st March 2021, the HomeBuilder Scheme is now $15,000 and the First Home Owners Grant is still available.
So keep reading to find out more about the grants or check out our blog post on how to apply for the grants.
Similar to the First Home Owners Grant, the HomeBuilder scheme provides home buyers on low to middle incomes an extra $15,000 cash bonus to go towards their new home. What’s great about this scheme is that it’s not just for first home buyers- previous home owners are eligible!
This scheme is from the Federal Government and was created to boost construction jobs around Australia. That’s why it’s available not just for building new homes, but if you want to renovate as well.
To be eligible for this $15,000, you must sign your build contract between 1st January 2021 and 31st March 2021.
This scheme was first launched on June 4th 2020 when buyers could receive $25,000 if their contract was signed before December 31st 2020. But from 1st January to 31st March 20201, the offer is now $15,000.
• You are an individual (not a company or trust)(Investors and owner builders will also be banned for claiming the grant).
• Aged 18 years or older.
• You are an Australian citizen.
• You earn less than:
o $125,000 per annum for an individual applicant based on your 2018-19 tax return or later or
o $200,000 per annum for a couple based on both 2018-19 tax returns or later.
• You enter into a building contract between 4 June 2020 and 31 December 2020 (for $25,000) or 31st March 2021 (for $25,000) to either:
o Build a new home as a principal place of residence, where the property value does not exceed $750,000; or
o 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 your existing property does not exceed $1.5 million;
• Construction must commence within six months of the contract date.
The First Home Owner Grant was established before the announcement of the two new grants. It allows first home buyers to receive a one-off payment of $10,000 and it’s still available (so you can get up to $25,000 of incentives!).
Keep in mind that the one grant is given per eligible transaction. That means that if two people are buying a house together, they only receive one $10,000 grant.
The grant was first introduced back in 2000 and is ongoing.
•Must be an Australian Citizen or permanent resident.
•At least 18 years of age.
•Have to be a first home buyer who has not previously owned or had interest in a property in Australia either separately or jointly.
•Must intend to be owner occupiers of the property for at least 6 months.
•Couples are only eligible if they are married or in a de-facto relationship with each other.
The $20,000 Building Bonus Package was a Western Australian grant that was announced by the State Government. Like HomeBuilder, the aim was to encourage more home buyers to build new homes and help the industry.
This scheme ran from June 4th 2020 until December 31st 2020, so unfortunately new clients won’t be able to receive the grant.
House and land packages have been moving quickly, but you can check out what Move Homes can build for you.
Want to find out if you’re eligible for the schemes? Tell us a bit about yourself and we’ll get in touch with you.
Over the last 50 years we have proudly built over 15,000 homes for Australian families. We have the same values today as we did in 1969 when we built our first home in Light Street Dianella.
Our commitment is to provide you with complete transparency and give you a real understanding of all aspects of your home loan.