HomeBuilder & First Home Owner Grant

HomeBuilder Grant – $25,000

Good news if you are wanting to build a new home or renovate an existing one! The Australian government has just announced a HomeBuilder scheme that will provide eligible owner-occupiers (including first home buyers) with a tax-free grant of $25,000.

To access this grant, owner-occupiers need to meet the following criteria:

  • You are a natural person (not a company or trust)
  • You are aged 18 years or older
  • You are an Australian citizen
  • Your building contract is entered into between 4 June, 2020 and 31 December, 2020
  • You build a home as a principle place of residence where the house and land value does not exceed $750,000 OR you substantially renovate your existing principle place of residence and the renovation contract is between $150,000 and $750,000 and the value of your existing property does not exceed $1.5million
  • Construction commences within three months of the contract date
  • You meet one of the following two income caps:
    – $125,000 p.a. for an individual based on your 2018-19 tax return or later
    – $200,000 p.a. for a couple based on both 2018-19 tax returns or later

To find out more, visit the Australian Government website: Click here

First Home Owner Grant – $15,000 QLD

Even better news. If you an an eligible First Home Owner in QLD you may be entitled to further tax-free grant of $15,000. This may may mean you are eligible for a total of $40,000 to your first home.  Other States have their own First Home Owner Grant Schemes

To access this grant, first home owner-occupiers need to meet the following criteria:

  • You must be at least 18 years of age
  • You must be an Australian citizen or permanent resident (or applying with someone who is)
  • You or your spouse must not have previously owned property in Australia that you lived in
  • You must be buying or building a brand new home
  • The value of the home including the land is less than $750,000.
  • You must move into the new home as your principal place of residence within 1 year of the completed transaction and live there continuously for 6 months

With interest rates at an all-time low, now is the perfect time to take advantage of this opportunity. Get in touch with us today on 1300 822 902 to discuss your eligibility and we can help you with a competitive home loan.