Home Builders Scheme

6th June 2020

Posted in: News

Home Builder Scheme saving young family $25000

Home Builders scheme provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. The scheme will assist the residential construction market by encouraging the commencement of new home builds and renovations.

You will be able to apply for Home Builders scheme when the relevant State or Territory Government that you live in, or plan to live in, signs the National Partnership Agreement with the Commonwealth Government.

Summary – Home Builders scheme will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020. Construction must commence within three months of the contract date. Home Builders will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.

Case Study Example – First home buyers Emma and Liam decide to purchase a house and land package Emma and Liam enter into a house and land contract for $550,000 on 25 September 2020. Emma and Liam’s bank applies on the couple’s behalf to the relevant State or Territory revenue office to receive the HomeBuilder $25,000 grant. The revenue office conducts the eligibility checks and reviews the couple’s documentation and confirms that both Emma and Liam are Australian citizens, over the age of 18, have a combined taxable income under $200,000 based on their 2018 19 tax return and the value of the contract is under the $750,000 contract price cap. As the couple are both first home buyers, Emma and Liam may also be entitled to their State’s First Home Owner Grant and stamp duty concessions as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.

FACT SHEETS

HomeBuilder

HomeBuilder – Frequently asked questions

Information on when and how you will be able to apply will become available through the relevant State or Territory revenue office in due course.

Information about what HomeBuilders scheme will mean for the construction industry is available on business.gov.au or by contacting 13 28 46. Please keep in touch with business.gov.au for updated State and Territory information as it becomes available.