The Federal Government HomeBuilder scheme provides eligible applicants with a grant of $25,000 to build a new home, substantially renovate an existing home or buy on off the plan home/new house. The scheme is a tax-free grant and is estimated to support 140,000 jobs across the country.
Eligibility Criteria
The HomeBuilder grant is available to applicants who:
- are an Australian citizen aged 18 years or over;
- are a person, not a company or trust;
- have an individual annual income below $125,000 or a combined income of less than $200,000 a year based on 2018-19 tax returns;
- have a property located in Victoria;
- will use the property as their principal place of residence; and
- the property is owned or will be owned, by the applicants.
The HomeBuilder Grant is available for one of the following contracts signed between 4 June 2020 and 31 December 2020 (inclusive):
- a comprehensive home building contract to build a new home as the applicant’s principal place of residence where the property value (house and land value) does not exceed $750,000 inclusive of GST;
- a contract with a registered builder to substantially renovate the applicant’s principal place of residence where the renovation contract is between $150,000 and $750,000 inclusive of GST, and where the value of the existing house and land does not exceed $1.5 million;
- a contract with a registered builder to demolish an existing house to rebuild a new dwelling to be the applicant’s principal place of residence where the contract is between $150,000 and $750,000 inclusive of GST, and where the value of the existing house and land does not exceed $1.5 million; or
- a contract to purchase an off-the-plan home/new home as the applicant’s principal place of residence where the contract price does not exceed $750,000 inclusive of GST and construction had not commenced before 4 June 2020.
There are no prescribed dwellings, which means that all property types will be eligible for the scheme, including off-the-plan houses, apartments and house and land packages. However, the HomeBuilder Grant cannot be used for swimming pools and garages.
How Do I Apply?
If you want to take advantage of the HomeBuilder Grant, you will need to apply through the State Revenue Office’s online application portal.
Further Information
The Australian Government has a fact sheet with frequently asked questions. Please see https://treasury.gov.au/coronavirus/homebuilder for further information.
For further information on the HomeBuilder Grant or to make an appointment, please contact us at 5303 0281 or at property@ballaratlawyers.com.au.
Liability is limited by a scheme approved under Professional Standards Legislation.
The information on this website is of a general nature only. It is not, nor is it intended to be, legal advice. You should consult a lawyer for individual advice about your particular circumstances.
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