Article by Cheryl McKenna – Office Manager, and licensed estate agent.
HomeBuilder Program
The HomeBuilder program is a time-limited grant program to help the residential construction market to bounce back from the Coronavirus crisis.
But before we get into that – do you own vacant land that you are thinking about selling? Now is the perfect time! Give us a call on 03 5561 2777 and we will show you how we will get you the highest price!
If you are a first home buyer and want to build a home there is no better time than right now to take the step. With stamp duty exemptions, First Home Buyer / Builder grants and now the HomeBuilder grant, eligible owner-occupiers can access up to $45,000 in additional help to get their first home built!
There are a few eligibility criteria to meet to be able to access the HomeBuilder grant, here are a few frequently asked questions;
Am I eligible to receive HomeBuilder?
Applicants must –
- be a natural person (not a trust or a company)
- be over the age of 18 years
- be an Australian citizen
- meet one of two income caps ($125,000 pa for an individual or $200,000 pa for a couple)
- enter into a building contract between 4th June 2020 and 31st December 2020 to either build a new home (where the property value does not exceed $750,000) or substantially renovate your existing home (where renovations total between $150,000 and $750,000, where the value of your existing property doesn’t exceed $1.5million)
- commence construction within 3 months of the contract date.
Owner builders and those seeking to build a new home which will be an investment property will not be eligible.
Is there a limit on how many people can receive HomeBuilder?
No, the HomeBuilder is a time-limited uncapped grant.
I own land already, am I still eligible for the grant?
Yes, but the total value of the land and build cannot exceed $750,000
What kind of dwelling can I build under HomeBuilder?
All building types are eligible – house, unit, apartment, off-the-plan, house and land package etc – as long as all other eligibility criteria are met.
Can I build a new investment property under HomeBuilder?
No, houses must be owner-occupied.
Is HomeBuilder taxed?
No, it is not a taxed grant.
I am not a first home buyer, can I still access HomeBuilder?
Yes, provided you meet the eligibility criteria.
How do I apply for the HomeBuilder grant?
You can apply for HomeBuilder through your state or territory revenue office.
Can I apply for the HomeBuilder grant AND the First Home Buyer / Builder grant?
Yes, if you are eligible for both.
Who pays the HomeBuilder grant, and who receives it?
The State Government revenue office will distribute the grant directly to the applicant.
For more info, check out the info available from the Government here HomeBuilder info, or keep up to date at the Victorian State Revenue Office site.
So for those of you who have thinking about it and saving your pennies towards a deposit – now is the time to seek out your little piece of our beautiful country, and turn that first sod!
