What is the HomeBuilder Grant?
The newly announced HomeBuilder Grant is designed to support individuals and couples with $25,000 boost after building, buying or substantially renovating a home. This Grant works a bit differently to the ongoing First Home Buyer Grant as it is paid after settlement which means under most circumstances it cannot be used towards a deposit on your home.
While it's a national scheme, the HomeBuilder Grant is funded and administered by each individual state and territory. Each state and territory offers a different variation of concessions and grants. We’ve included some general information below but it’s important that you check with your State or Territory Revenue Office to make sure you take the steps required under their process.
Grant applications are open until 31 December 2020.
If you're thinking about applying for the Grant, whether as an individual or as part of a couple, some of the eligibility criteria includes:
There may be different eligibility requirements depending on if you're building, buying new or renovating. You can learn more about these requirements on your relevant State or Territory Revenue Office website.
The $25,000 Grant can be paid when you build, buy or substantially renovate a home that you will live (or intend to) live in for at least 6 months after you settle or complete the renovations.
Your contract must be signed between 4 June 2020 and 31 December 2020 for the purpose of:
To be eligible you must apply for the Grant by 31 December 2020 and provide all supporting evidence by 31 October 2022.
During the process you'll need to complete an application form as well as provide supporting documents that can vary depending on if you're buying new, building or renovating and the State or Territory that you're located in.
If you're applying for a home loan with Heritage and you're eligible for the Grant we can assist you can submit an application during the process.
The Grant is paid into your nominated bank account once all the supporting evidence is submitted, including any registration confirmation statement listing you as the owner on title. If you're renovating this will be when you submit confirmation that at least $150,000 of the contract price for renovations has been paid to the builder. This is why under most circumstances you'll be unable to use the Grant as a deposit for your home.
Learn more about the application process on your state government website below.
If you're a first home buyer you may also be eligible for the First Home Owner Grant in your state. If you're located in regional Queensland you may also be eligible for the Regional Home Building Boost Grant which provides home owners in regional Queensland with an extra $5,000 after the purchase or construction of a brand-new house.
If you're ready to get the process started of building, buying new or renovating check out our Home Loan Repayment Calculator or our Home Buying and Selling Costs Calculator to crunch the numbers. To speak with a Lending Specialist get in touch with us on 13 14 22, enquire online or visit your local branch.