
Australian Government Announces HomeBuilder Initiative
05/06/2020
Many of you will have heard the positive news regarding the HomeBuilder initiative announced by the Australian Government. This scheme will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home. Some of the specific details regarding applicant eligibility can be seen below. These include: A grant of $25,000 to eligible owner-occupiers (not just first home buyers) to build a new home or substantially renovate an existing home where the contract is entered into between June 4, 2020 and December 31, 2020.
- Construction of a new home or substantial renovation must be contracted to commence within three months of the contract date.
- Income thresholds – consistent with the First Home Buyers Deposit Gap Scheme (FHBDGS) – of $125,000 for singles, or $200,000 for couples.
- A threshold of $750,000 for the value of the new home (including land) – again consistent with the FHBDGS.
- Renovations to be valued between $150,000 and $750,000 with the dwelling not valued at more than $1.5 million prior to renovation.
- Revenue offices at the state and territory level to administer the scheme.