The HomeBuilder Grant
Recently the Australian Government announced a new scheme to help Aussies build a home. There has been a lot of excitement about it in the news, and you may have heard people talking about it quite a bit. But what exactly is the grant? Who’s it for? How do you get it? We answer all that and more below…
What is the HomeBuilder Grant?
The Homebuilder Grant is a government grant of $25,000, payable to eligible homeowners that either build a new home or substantially renovate an existing home in 2020. Eligible homeowners need to build a new home valued under $750,000 or spend between $150,000 to $750,000 on renovations of a property valued up to $1.50M.
Who is eligible for the grant?
The grant is available for Aussies building a new home as long as it will be the main place you live, and the property isn’t worth more than $750,000 (including the value of the land). You will also only be eligible if you earnt less than $125k as a single, or $200k as a couple in the last financial year. To get the grant you will need to sign a contract after the 4th of June this year, and before the 31st of December. The work will also have to begin within 3 months of signing the contract. You will also need to use a licences builder for your contract, so no cashies for your handy mates on this one.
Who is not eligible?
Unfortunately, like every grant not everyone is eligible. The first bummer about this one is that it’s only available for Australian Citizens, permanent residents miss out if they aren’t a citizen. The home can’t be built under a company or trust, it has to be a person. It also can’t be used for building contracts that have been signed before the 4th June 2020, if you are under 18, or if the build is worth over 750k. So basically, a 17-year-old earning over $125k looking to build a $1M home will sadly miss out on this one. Poor kid!
How Can I Make The Most of It?
If you thought $25k sounded pretty good, then we may be about the make your day. If this is your first home and you qualify for the HomeBuilders grant, then it is pretty likely you will also qualify for the first home buyers grant. This means you can ‘double down’ and get both the first home buyers scheme and the builders grant. In QLD the first home buyers grant is $15k, this would mean you could get $40k towards your home. But, it gets better…
For a while now, at First Home Hero we have been offering to match the First Home Buyers Grant for Queenslanders who buy one of our house and land packages. This is something we still offer, and so with the first home buyers grant ($15k), the home builder grant ($25k) and our bonus ($15k) you would get a whopping $55k towards your new home. How good is that!
How do I get all this cashola?
The government grants are both available to apply for on your relevant government websites. But if you want to get the whole $55k towards your home then fill out this application form and we will get the process started. It only takes 60 seconds!