COVID19 Government Home Builder Grant: Are You Eligible?

In response to the deepening financial crisis stemming from the Covid19 pandemic, the Australian Government has announced a time limited, tax-free grant program to help boost the residential construction market.
 
A $25,000 grant will be available to eligible owner-occupiers (including first home buyers) who wish to build a new home or substantially renovate an existing one.

Home Builder 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.

In order to determine your eligibility for the grant, please carefully review the eligibility criteria as follows;

Eligibility Criteria

• You are a person (not a company or trust)
• You are over 18 years of age
• You are an Australian citizen
• You are an owner-occupier or first home buyer
• You meet one of the following two income caps; $125,000 per annum for an individual applicant based on your 2018-19 tax return or later or $200,000 per annum for a couple based on both 2018-19 tax returns 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 (house and land) 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 (house and land) does not exceed $1.5 million
• Construction must commence within three months of the contract date

 
How To Apply

• Homeowners will be able to apply for Home Builder through their state or territory
• Information on when and how to apply will become available through State or Territory revenue offices soon

 
More information
Home Builder Fact Sheet
Home Builder FAQs

If, like us, you are in New South Wales, you can also contact [email protected] or call 1300 130 624.
If you are in other states of Australia, please contact the Office of State Revenue (or relevant authority) in your state for more information.

Please note: At the time of publication of this article, the Office of State Revenue for each state has not yet generated application forms. If you are interested in applying, please get in touch with your broker and they will assist once the forms are released.