Email: admin@clearstonelending.com.au
1300 883 786 - Fax: +61 2 9758 2804
ClearStone Lending Pty Ltd, 23 5-7 Anella Ave, Castle Hill NSW 2154
What is the HomeBuilder grant?
It is a $25,000 tax-free grant given to eligible owner-occupiers, including rst home buyers. The grant can be used to:
✓ Build a new home
✓ Renovate an existing home
The HomeBuilder grant is a federal scheme designed to help the Australian residential construction market
continue business in the wake of the Coronavirus.
✓ Build a new home
✓ Renovate an existing home
The HomeBuilder grant is a federal scheme designed to help the Australian residential construction market
continue business in the wake of the Coronavirus.
Who is eligible for the HomeBuilder grant?
The grant is available for 1st home buyers and existing homeowners. To qualify for the HomeBuilder grant:
✓ You must spend at least $150,000 (and up to $750,000) on home renovations. ✓ The value of the property you’re renovating must not exceed $1.5 million.
✓ For new builds, the value of the property must not exceed $750,000.
✓ You must be 18 years or older.
✓ Only Australian citizens can apply. (Companies and trusts are not allowed).
✓ The construction must start within three months of the building contract date.
You have to enter the HomeBuilder scheme between 4 June 2020 to 31 December 2020. Unfortunately, property investors and owner builders are not eligible.
✓ You must spend at least $150,000 (and up to $750,000) on home renovations. ✓ The value of the property you’re renovating must not exceed $1.5 million.
✓ For new builds, the value of the property must not exceed $750,000.
✓ You must be 18 years or older.
✓ Only Australian citizens can apply. (Companies and trusts are not allowed).
✓ The construction must start within three months of the building contract date.
You have to enter the HomeBuilder scheme between 4 June 2020 to 31 December 2020. Unfortunately, property investors and owner builders are not eligible.
How much is the HomeBuilder grant in each state?
The HomeBuilder grant for each state is $25,000.
When should I sign the contract to get HomeBuilder?
The grant will only be available for contracts that are signed between 4 June 2020 to 31 December 2020. Furthermore, the construction or renovation must start within three months of the contract date.
What are the HomeBuilder income caps?
The income caps to qualify for the grant are:
✓ Singles must be earning $125,000 or less based on their 2018/19 tax return or later.
✓ Couples must have a combined income of no more than $200,000 based on their 2018/2019 tax returns.
There is no limit to the number of people who can get the grant, but it is only available until 31 December 2020.
Contact our mortgage brokers on +61 415 329 878 or complete our free assessment form to see if you are eligible for HomeBuilder and to get pre-approved for a home loan today.
✓ Singles must be earning $125,000 or less based on their 2018/19 tax return or later.
✓ Couples must have a combined income of no more than $200,000 based on their 2018/2019 tax returns.
There is no limit to the number of people who can get the grant, but it is only available until 31 December 2020.
Contact our mortgage brokers on +61 415 329 878 or complete our free assessment form to see if you are eligible for HomeBuilder and to get pre-approved for a home loan today.
Can I use HomeBuilder with other state grants?
Yes, the HomeBuilder grant can be used with existing state grants like First Home Owners Grant and even the First Home Loan Deposit Scheme.
Here’s a summary of the grants available in each state:
Here’s a summary of the grants available in each state:
State |
HomeBuilder Grant |
First Home Owners Grant |
First Home Loan Deposit Scheme |
Total grant available* |
New South Wales |
$25,000 |
$10,000 |
LMI waived for 1st home buyers |
Up to $45,000 |
Victoria |
$25,000 |
Between $10,000 – $20,000 |
LMI waived for 1st home buyers |
Between $45,000 to $55,000 |
Queensland |
$25,000 |
$15,000 |
LMI waived for 1st home buyers |
Up to $50,000 |
Western Australia |
$25,000 |
$10,000 |
LMI waived for 1st home buyers |
Up to $45,000 |
South Australia |
$25,000 |
$15,000 |
LMI waived for 1st home buyers |
Up to $50,000 |
Australian Capital Territory |
$25,000 |
No grant, but concession scheme available |
LMI waived for 1st home buyers |
Up to $35,000 |
Northern Territory |
$25,000 |
$10,000 |
LMI waived for 1st home buyers |
Up to $45,000 |
Tasmania |
$25,000 |
Up to $20,000 |
LMI waived for 1st home buyers |
Up to $55,000 |
*Please note that that LMI waiver (FHLDS) for rst home buyers is estimated at $10,000. Separate qualifying criteria applies and the value of the benet will vary depending on your situation.
What dwellings are eligible for HomeBuilder?
The following dwelling types are accepted if the applicant meets the eligibility criteria: ✓ House
✓ Apartment
✓ Land package
✓ Off the plan
If you’re renovating your property:
✓ Renovation must commence within three months of the contract date.
✓ It must improve the accessibility, liveability and safety of the property. Therefore, renovations like a swimming pool, tennis court, shed, etc. are not allowed.
✓ The renovation must be completed by a licensed or registered builder.
✓ Apartment
✓ Land package
✓ Off the plan
If you’re renovating your property:
✓ Renovation must commence within three months of the contract date.
✓ It must improve the accessibility, liveability and safety of the property. Therefore, renovations like a swimming pool, tennis court, shed, etc. are not allowed.
✓ The renovation must be completed by a licensed or registered builder.
Tips for HomeBuilder
✓ With the announcement of the HomeBuilder grants, builders and tradesmen will be very busy, so you have to act now!
✓ When builders get busy they put their prices up. Construction will likely cost more if you wait more than a month.
✓ Get quotes from 2 – 3 builders to avoid overpaying.
✓ New properties such as o the plan or completed developments often see a rise in prices due to
increasing demand from buyers.
✓ Many building materials are sourced in China and supply has been disrupted due to COVID-19. People planning to build a home should discuss this challenge with their builder and consider locally manufactured materials to avoid delays.
✓ Ensure the required documents are ready when you’re applying for the HomeBuilder grant.
✓ When builders get busy they put their prices up. Construction will likely cost more if you wait more than a month.
✓ Get quotes from 2 – 3 builders to avoid overpaying.
✓ New properties such as o the plan or completed developments often see a rise in prices due to
increasing demand from buyers.
✓ Many building materials are sourced in China and supply has been disrupted due to COVID-19. People planning to build a home should discuss this challenge with their builder and consider locally manufactured materials to avoid delays.
✓ Ensure the required documents are ready when you’re applying for the HomeBuilder grant.
How do I apply?
The HomeBuilder grant will be implemented via a National Partnership Agreement, which is signed by the Commonwealth and state and territory governments. Therefore, you will apply for the grant with the state or territory that you live in or plan to live in once the agreement is signed.
What documents do I need to provide?
At the minimum, the following documents are needed when applying for the HomeBuilder grant: ✓ Proof of identity.
✓ Copy of contract that is signed and dated by you and the registered or licenced builder.
✓ Copy of builder’s registration or licence.
✓ Copy of your 2018-19 tax return to demonstrate income cap eligibility.
✓ Other documents like council approvals, building contracts, evidence of land value.
✓ Copy of contract that is signed and dated by you and the registered or licenced builder.
✓ Copy of builder’s registration or licence.
✓ Copy of your 2018-19 tax return to demonstrate income cap eligibility.
✓ Other documents like council approvals, building contracts, evidence of land value.
Are investors eligible for HomeBuilder
Unfortunately, no. If you’re an owner-builder, or want to build a new home to use as an investment property, then you will not be eligible for HomeBuilder grant. Furthermore, the grant cannot be used for renovation of an investment property.
What if I’m not eligible for the grant?
For first home buyers, there are other existing state grants available like the First Home Owners Grant, First Home Loan Deposit Scheme and stamp exemptions and concessions.
Even if you don’t qualify for the HomeBuilder grant, we have lenders on our panel that can help you get a renovation loan or a construction loan.
Our mortgage brokers are experts in all types of construction loans, including home loans to renovate an existing home.
Please call us on +61 415 329 878 or complete our free assessment form and we will go through your options with you.
Even if you don’t qualify for the HomeBuilder grant, we have lenders on our panel that can help you get a renovation loan or a construction loan.
Our mortgage brokers are experts in all types of construction loans, including home loans to renovate an existing home.
Please call us on +61 415 329 878 or complete our free assessment form and we will go through your options with you.
