Are you dreaming of owning your first home? Well, you may be in luck. Thanks to the HomeBuilder Grant currently offered by the Australian Government, you may just own your first home this year. There’s never a better time for Australians to build their homes. Are you interested in learning more? Read on.
What is the Homebuilder Grant Program?
The Homebuilder Grant Program is one of the new stimulus package given by the federal Government to Australian citizens. It provides eligible owners and first home buyers a grant to build or renovate an existing or new home. HomeBuilder grant was introduced to solve the worsening economy- particularly the construction industry during the pandemic. During the first month, when the Government announced the tax-free grant, 7500 people had already registered. The Homebuilder Grant can provide a $15,000 grant for eligible contracts on or after January of 2021 until March of 2021. A higher amount of $25,000 was first made available from June 4, 2020, until December 31, 2020.
Am I Eligible for The Homebuilder Grant?
The homebuilder grant is available for first home buyers and existing homeowners with the following criteria:
- You must be 18 years or older
- You must be an Australian citizen
- You must be a prospective or current homeowner. The homebuilder grant is not available to investors.
- Your annual taxable income should be $125,000 for an individual and $200,000 for a couple. Couples should be legally married or in a registered domestic relationship.
- Construction should start three months after the building contract date
- The maximum property value for renovation is $1.5 million
- The renovation cost should be between $150,000 to $750,000
- The cost of a new build does not exceed $950 000
- The home will be a place of residence after completion. The applicant must live in the residence for at least six months after construction.
- You must be the registered owner of the title.
How To Apply?
There are three different kinds of application reserved for those who are buying a home, building a home, and renovating a home. Application processes may also change based on States and Territories. The HomeBuilder scheme is now open for application until March 31. Apply as soon as possible to ensure you get in and pass all documents before the deadline. The HomeBuildre grant is uncapped and can be given to any Australian citizen who meets the criteria. However, there is a deadline so keep this in mind during application.
Using the HomeBuilder Grant and First Home Owner’s Grant
Did you know you can use both grants together? The Homebuilder Grant ($15,000) and the First Home Owners’ grant ($10,000) can give you a $25,000 boost. This a huge sum that can help you secure your first home. Are you ready? Contact us today!