The HomeBuilder Scheme is a new initative made by the Australian Government to encourage more construction jobs with $25,000 cash grants for new homes and renovations. It allows eligible home buyers and first home buyers on low and middle incomes to purchase a home. What this means as a First Home Buyer is that you could possibly receive up to $45,000 – as this scheme adds to the FHOG and FHLDS
Similar to the First Home Owners Grant, the HomeBuilder scheme provides home buyers on low to middle incomes an extra $25,000 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 running from June 4th 2020 until December 31st 2020. As homes have to be onsite in 3 months, titled blocks are going to be snapped up quickly so it’s best to start your journey now.
• 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 meet one of the following two income caps:
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 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 three months of the contract date.
Want to find out if you’re eligible for the HomeBuilder Scheme? Send us a message and we’ll be in touch!
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.