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HomeBuilder – The New Home Grant

Are you eligible for the new grant?

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UPDATE 29 NOVEMBER 2020

The HomeBuilder Grant has now been extended until 31 March 2021, with the price cap for new homes in NSW increased to $950,000 instead of $750,000.

Contracts signed between 1 January 2021 and 31 March 2021 will receive a decreased grant of $15,000.

Construction start times have also increased to upto six months of contract signing.

All existing eligibility criteria still applies.

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UPDATE 29 AUGUST 2020

Revenue NSW is now accepting applications for the Commonwealth HomeBuilder Grant. For further information on eligibility and the application process, please refer to the HomeBuilder guidelines and application form available on the Revenue NSW website.

You can also contact Revenue NSW at Home.Builder@revenue.nsw.gov.au or call 1300 130 624.

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A new ‘HomeBuilder’ economic stimulus package announced today provides eligible new home buyers or owner-occupier home owners who carry out substantial renovation projects, including a knockdown rebuild, the opportunity to access a $25,000 grant.

The grant will give support for the housing industry to limit the impact of COVID-19 for the remainder of 2020.

Eligibility Criteria for HomeBuilder

The HomeBuilder grant will be means-tested based on an individual or couples annual income and there will be limits placed on the value of the subject property.

Who can apply for HomeBuilder?

To access HomeBuilder, owner/occupier applicants must:

  • be a natural person (not a company or trust);
  • be aged 18 years or older on the contract date;
  • be an Australian citizen;
  • be below one of the following two income caps:

- $125,000 per annum for an individual applicant based on their 2018-19 taxable income or later;
or
- $200,000 per annum for a couple based on their combined 2018-19 taxable income or later.

  • enter into a contract from 4 June 2020 up to 31 December 2020 to:
    - build a new home as a principal place of residence, where the property value (i.e. house and land) does not exceed $750,000;
    - substantially renovate an existing home as a principal place of residence, where the renovation contract is greater than $150,000 and does not exceed $750,000, and where the value of the existing property (i.e. house and land, before renovation) does not exceed $1.5 million; or
    - purchase an off-the-plan / new home as a principal place of residence where the contract price does not exceed $750,000 and construction had not commenced prior to 4 June 2020

Current information relating to the details and case study examples for the HomeBuilder scheme is available on the Australian Government Treasury website.

If you have any questions call 1300 255 999 to speak to an Allcastle Homes sales consultant.

HomeBuilder Applications

Applications for the HomeBuilder grant will be lodged via an online portal and must be received no later than 31 December 2020.

To assist in your application to prepare for the grant, please refer to the application form and lodgement guide.

 

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This article will be updated with relevant information as more details come through.
Published on 29th July 2020
Published on 29th July 2020
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