Blog 25k Homebuilder Grant

If you’ve been putting off your dream home or renovation, now might be the time to make it a reality. Homeowners can apply for a non-taxable grant of $25,000 till the end of this year to build a house or renovate an existing home. With interest rates also being at record lows, these next six months are the perfect time to start building.

Who's eligible?

To receive the 'Homebuilder' grant, you must meet these criteria:

  • Be over 18 years old
  • Have Australian citizenship
  • Act on behalf of yourself, not a company or trust
  • Construction must start within 3 months of the contract date
  • Build a new home to live in, with house and land value capped at $750,000 or
  • Renovate your existing home where the building contract is between $150,000 and $750,000 or the value of your existing house and land is not more than $1.5 million
  • Based on your 2018-2019 or later, you must not earn more than $125,000 per annum for an individual applicant or $200,000 per annum for a couple

Tradies must also be licensed, to avoid people taking advantage of the scheme.

Ways to spend the homebuilder’s grant

  • Extend and renovate the home
  • Build another level onto the home
  • A knockdown rebuild
  • A purchase of a house and land package
  • A purchase an off the plan apartment
  • Demolition and rebuild of the inside the property

 

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