COVID-19 Series: What we know about HomeBuilder (so far)

The newly announced HomeBuilder scheme aims to boost activity in the construction market in response to the covid-19 crisis. The scheme provides a cash grant of $25,000 to eligible home owner-occupiers, including first home buyers, towards renovating their properties or building a new home.

HomeBuilder is available:
👉🏻 for Contracts signed between 4 June 2020 and 31 December 2020
👉🏻 where construction commences within 3 months of the date of the Contract

You are eligible if:
👉🏻 you are a natural person (ie, companies and trusts are not eligible)
👉🏻 you are 18 years old or over
👉🏻 you are an Australian citizen
👉🏻 you earn less than $125,000 per annum (if you are an individual) or $200,000 per annum (if you are a couple)

Not to be claimed for small scale works and repairs, the scheme is designed to assist in the build of a new home and in substantial renovations in certain situations.

If you’re building:
👉🏻 the property must be your principal place of residence; and
👉🏻 the property value must not exceed $750,000 (including land) on works completion.

If you’re renovating:
👉🏻 the property must be your existing principal place of residence; and
👉🏻 the works contract must be between $150,000 and $750,000; and
👉🏻 the value of your existing property cannot exceed $1.5 million.

The Commonwealth Government has also made statements that HomeBuilder will be available for off-the-plan purchases, and that further details will be forthcoming soon.

The ACT and NSW Governments are currently working with the Commonwealth Government to have HomeBuilder implemented in their relevant jurisdictions.

As at the time of writing, these arrangements have yet to be finalised. Further information is expected to be published on or around 13 July 2020. Stay tuned for more info or check out the Commonwealth Government fact sheet and their FAQtheir FAQtheir FAQ.

We’re seeing a lot of activity in the property market as the result of this and other stimulus measures. If you’re thinking about buying property , click here to start your property journey!