Here’s everything you need to know about the $25K Home Builder Grant



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The Australian Government has recently announced a one-off, $25,000 tax-free grant to eligible owner occupiers who enter into a building contract by 31 December 2020. Are you eligible? Is now the perfect time to be building? Read more below

If you’ve been putting off that renovation or new build, there’s never been a better time to do it. The new Home Builder Grant is the perfect opportunity for those planning on building their dream home or carrying out major construction work on their existing house. Better still, this scheme is open to all buyers, not just first home buyers. For first home buyers, the Home Builder Grant allows them to enter the property market sooner, but for others it can give a stimulus boost to those considering constructing a new home to live in, as well as help recent bushfire victims to rebuild.

Of course, while the $25,000 Home Builder Grant is a huge help to those looking to build or renovate, there are still price and income caps – and it’s only available for the latter half of the year. Whether you’re looking for your first home, wanting to upsize, rebuild, or downsize in retirement, Clarendon Homes has a range of home solutions that meet the HomeBuilder grant criteria.

First, make sure you qualify for the Home Builder Grant

You must be an Australian citizen and owner-occupier. The grant is also means tested. Singles must earn less than $125,000 a year, or $200,000 for couples.

The grant is only for your principle place of residence. Investment properties do not qualify.

Home builders and renovators are excluded, and only builders registered and licensed before the announcement of the scheme can participate.

Next, ensure the value of your new home fits within the targets

For new home builds, there’s a house and land price cap of $750,000.

For renovations, you’ll need to spend between $150,000 and $750,000 on an existing home previously valued at less than $1.5 million. Renovations must be for your main house only. Swimming pools, tennis courts and shed are not eligible. Notably, the scheme has measures in place to stop artificial price hikes and ensure you’re getting the best deal.

How to apply for the Home Builder Grant?

Applications for the grant will be handled by the State or Territory revenue office in which you live (or plan to live in). In New South Wales, the grant can be applied for via Revenue NSW (more information is available here via their website).

You’ll need to provide proof of your identity, a copy of the contract with your licensed builder, your tax returns and other property documents such as council approvals and building contracts.

Are there other NSW home grants that I may be eligible for?

If you are a first home buyer, you can use the Home Builder Grant with other grants and schemes on offer to you! This will go a long way to helping you on your building journey.

The $25,000 HomeBuilder grant can be used alongside existing State and Territory first home owner grant programs, stamp duty concessions, and other grant schemes including the Federal Government’s first home loan deposit scheme and first home super saver scheme.

How do I learn more about the Home Builder Grant?

With such a new grant scheme, you’re sure to have many questions. Feel free to speak with one of our Clarendon Homes representatives who will help guide you through the process.

You can also find the latest up-to-date information on the HomeBuilder grant and application process on the Australian Government’s Treasury website.

Remember, the one-off $25,000 grant is time limited. If you’re eligible, take a moment to explore our house, and home and land packages. You run the risk of missing out if you don’t apply soon and get your building contracts signed in time.

For more information

Clarendon Homes

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