Are you dreaming of owning your first home? Well, you may be in luck. Thanks to the Australian Government’s HomeBuildler Grant, you may own your first home this year. Now that the world is slowly healing from the COVID-19 pandemic, there’s never a better time for Australians to build their homes. Are you interested in learning more? Read on.
What is the Homebuilder Grant Program?
The Homebuilder Grant Program is one of the new stimulus package given by the federal Government to Australian citizens. It provides eligible owners and first home buyers a grant to build or renovate an existing or new home. The HomeBuilder Program was introduced to solve the worsening economy- particularly the construction industry during the pandemic.
During the first month when the Government announced this tax-free grant, a total of 7500 people had already registered. The Homebuilder Grant can provide a $15,000 grant for eligible contracts on or after January of 2021 until March of 2021. A higher amount of $25,000 was first made available from June 4, 2020, until December 31, 2020.
Am I Eligible for The Homebuilder Grant?
The homebuilder grant is available for first home buyers and existing homeowners with the following criteria:
- You must be 18 years or older
- You must be an Australian citizen
- You must be a prospective or current homeowner. The homebuilder grant is not available to investors.
- Your annual taxable income should be $125,000 for an individual and $200,000 for a couple. Couples should be legally married or in a registered domestic relationship.
- Construction should start three months after the building contract date
- The maximum property value for renovation is $1.5 million
- The renovation cost should be between $150,000 to $750,000
- The cost of a new build should be $750,000 or less.
- The home will be a place of residence after completion. The applicant must live in residence for at least six months after construction.
- You must be the registered owner of the title.
How To Apply?
There are three different kinds of application reserved for those who are buying a home, building a home, and renovating a home. For more information on the application process, visit the NSW Revenue Office website.
The HomeBuilder scheme is now open for application until March 31. Apply as soon as possible to ensure you get in and pass all documents before the deadline. The HomeBuildre grant is uncapped and can be given to any Australian citizen who meets the criteria. However, there is a deadline so keep this in mind during application.
Using the HomeBuilder Grant and First Home Owner’s Grant
Did you know you can use both grants together? The Homebuilder Grant ($15,000) together with the First Home Owners’ grant ($15,000) can give you a $30,000 boost. This a huge sum that can help you secure your first home.