HomeBuilder is a time‐limited grant program to help the residential construction market to bounce back from the Coronavirus crisis.
HomeBuilder 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 where the contract is signed between 4 June 2020 and 31 December 2020. Construction must commence within three months of the contract date.
HomeBuilder complements 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.
To access HomeBuilder, owner‐occupiers must meet the following eligibility criteria:
- you are a natural person (not a company or trust);
- you are aged 18 years or older;
- you are an Australian citizen;
- you meet one of the following two income caps:
– $125,000 per annum for an individual applicant based on your 2018‐19 taxable income or later;
– or $200,000 per annum for a couple based on both 2018‐19 taxable income or later
- you enter into a building contract between 4 June 2020 and 31 December 2020 to either:
– Build a new home as a principal place of residence, where the property value does not exceed $750,000; or
– 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 (pre‐ renovation);
- construction must commence on or after 4 June and within three months of the contract date.
The State Revenue Office Victoria is now accepting applications for the Commonwealth HomeBuilder Grant. For further information on eligibility and the application process, please refer to theHomeBuilder guidelines and application form available on the State Revenue Office Victoria website.
In light of the introduction of Stage 4 restrictions in metropolitan Melbourne (effective from 2 August 2020) and Stage 3 restrictions in regional Victoria (effective from 5 August 2020), the Commissioner of State Revenue will exercise discretion under the National Partnership Agreement to provide a blanket extension of 3 months to the construction commencement requirement for the HomeBuilder Grant. This means that all applicants for the HomeBuilder Grant in Victoria have 6 months from the signing of the eligible HomeBuilder contract, to commence construction. The Commissioner does not have discretion to grant any extensions beyond this additional 3 month extension.
Call us today on 03 5561 2643 if you have any questions about the HomeBuilder grant!