What is the HomeBuilder grant?
What is the eligibility criteria for the HomeBuilder grant?
- You are an individual (not a company or trust)
- Aged 18 and older.
- 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 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 (main) 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 the value of your existing property does not exceed $1.5 million.
- Construction must commence within three months of the contract date.
When can I access HomeBuilder?
When the States and Territories begin accepting HomeBuilder applications, they will backdate acceptance of these applications to 4 June 2020. Information on when and how you will be able to access HomeBuilder will become available through the relevant State or Territory revenue office.
How can I access the HomeBuilder grant?
You need to contact the relevant authority in the state or territory, on when and how to apply. You can apply in the state you live. The relevant authority will pay you the grant, as long as you meet the eligibility criteria. The acceptance date of applications will be backdated to June 4.
For more information, download our guide here.
Disclaimer: The information provided is general in nature and does not constitute financial advice. Please speak to us for recommendations on your individual circumstance and requirements.
Mitchelle Katsande is Head of Marketing and Communications at Benevolence Financial Group. Mitchelle currently holds a degree in International Business and Finance and is currently supported by Macquarie University Incubator and City of Parramatta Council.