Loading
 
Are you a buyer, seller or an agent?
BuyerSeller Agent

Blog articles - First home buyer

COVID-19: Click here for an update on buying and selling during restrictions
Are you eligible for the 25000 HomeBuilder scheme

Are you eligible for the $25,000 HomeBuilder scheme?

Posted 04 June 2020

Let's explore if you qualify?

This is really worth exploring. The federal government will give eligible Australians $25,000 to build or substantially renovate homes as part of the new HomeBuilder scheme. Today we'll look at who exactly can qualify for the initiative.

With $680 million available, now is the time to act. This money is part of the federal government's economic response to the coronavirus pandemic, aims to support more than 1 million builders, painters, plumbers and electricians across the country.

$25,000 plus the first home buyer grants

It's also a win for many Australians wanting to buy a new home or begin an overdue reno, as the $25,000 grants are non-taxable and will complement existing state and territory first homeowner grant programs, stamp duty concessions and other federal schemes.

So, without further ado let's see whether or not you might be eligible.

Eligibility details


To access HomeBuilder, owner-occupiers must:

- be an individual, not a company or trust;

- be aged 18 years or older;

- be an Australian citizen; and

- have an income of less than $125,000 per annum for an individual applicant, or $200,000 for a couple (income caps are based on 2018/19 tax returns or later).

Additionally, you must enter into a building contract between 4 June 2020 and 31 December 2020 to either:

- build a new home as a principal place of residence valued up to $750,000 (including land); or

- substantially renovate your existing home as a principal place of residence, with renovations valued at between $150,000 and $750,000, and with the dwelling not valued at more than $1.5 million before the renovation.

Construction must be contracted to commence within three months of the contract date.

Other eligibility details


All dwelling types - including houses, apartments, house and land packages and off-the-plan dwellings - are eligible.

However, HomeBuilder cannot be used for additions that are unconnected to the principal place of residence, such as swimming pools, tennis courts, outdoor spas and saunas, and detached sheds or garages.

HomeBuilder is also not available for investment properties or to owner-builders.

A few final important details


The $25,000 grant will go directly to the applicant, not the contractors.

Renovations or building work must be undertaken by a registered or licenced building service contractor.

To help protect against inflated quotes and pricings, the registered or licensed builder must be able to demonstrate that the contract price for the new build or renovation is no higher than the cost of comparable works done back in July 2019.

To find out more about what the HomeBuilder grant might mean for you, check out the case studies at the bottom of  this Treasury HomeBuilder factsheet.

They run through scenarios involving a house and land package, a renovation, an off-the-plan apartment, knocking down and rebuilding a house, and building on a vacant block.

Get in touch today with our finance team


So, that covers the scheme's eligibility details. If you've ticked the above boxes, the next thing to tackle is financing the project. And that's where we can help.

If you'd like help obtaining finance to pay for the new home or reno of your dreams, get in touch with us today - we're here to help make your HomeBuilder dreams a reality. 

Call us on 1800 316611 or email us here and mention HomeBuilder grant and let's get you started.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

General | Selling Tips
House Hunting This Weekend  Dont leave home without this

House Hunting This Weekend - Don't leave home without this

Posted 15 November 2019
House Inspection Checklist - boring but vital! Buying your first home or any home for that matter is such an exciting project, but it can also be a bit scary. ...
General
5 ideas to help first home buyers break into the property market

5 ideas to help first home buyers break into the property market

Posted 25 April 2019
 Let's break down the housing fortress. While housing affordability is improving across the country, for many young first home buyers cracking into the property market can ...
General | Buying Tips
First Home Inspection Checklist

First Home Inspection Checklist

Posted 17 December 2016
Next Address Home Inspection Checklist As you inspect the home, score each of the below categories out of ten. This will give you the chance ...
General | Buying Tips
5 Red Flags You Cant Ignore When Buying a House

5 Red Flags You Can't Ignore When Buying a House

Posted 22 August 2016
5 red flags to look for when buying a house. No matter how big of a budget you have, buying a home is a huge financial commitment, and you do not need any additional unforeseen expe...
General | Buying Tips
3 powerful questions to ask before jumping into home ownership

3 powerful questions to ask before jumping into home ownership

Posted 09 June 2016
The Great Australian Dream: buying your first home. Buying your first home - the great Australian dream - can be an excellent investment, but think carefully and make sure that home...
General | Buying Tips
First home buyers how lucky are you

First home buyers, how lucky are you?

Posted 09 May 2016
We think you guys - those of you that fall into the First Home Buyers category - are pretty damn lucky. Ok, we know that it's a tough market to break into, but boy you guys have a ...
General | Buying Tips | FAQ's, Links and Resources
How to buy a house with Next Address

How to buy a house with Next Address

Posted 01 January 2018
How this works:  Buyers and sellers complete a property profile The system automatically review these profiles ...
General | Buying Tips
Its online dating but for Real Estate

It's online dating but for Real Estate.

Posted 03 November 2015
Mobile technology is transforming the way we date, holiday, travel and now buy real estate. In the last eight years, Airbnb, Uber and Tinder have made it easier than ever to date, travel and book...
Our Stories and News
How buying a new home is just like a first date

How buying a new home is just like a first date?

Posted 17 December 2016
Buying your first home is exciting: but do your research You should always think of the open house and any planned inspections as a first dat...
General | Buying Tips
8 ideas to help buy a property quicker

8 ideas to help buy a property quicker!

Posted 22 March 2019
So, you are well on the way to having a good deposit and are ready to look at what you can afford to buy seriously.  So, you are well on the way to ...
General | Buying Tips
Where to start when buying your first home

Where to start when buying your first home?

Posted 10 September 2015
Get a dog is what I suggest! Recently I decided to buy a house. A big decision, but once made, I didn't know where to start. So I thought I would start by just checking out the areas I liked....
Buying Tips