HomeBuilder Grant – everything you need to know
The last couple of months have seen a lot of Aussie’s put their dream of owning a new home on hold. The $25,000 HomeBuilder Grant is a time-limited grant program introduced by the Federal Government to help the residential construction market bounce back from the current COVID-19 crisis. The grant will assist those who are looking to build new, encouraging the commencement of new home builds for eligible applicants nationally. We hope the HomeBuilder Grant will help those who were planning on building new get back on their feet, allowing them to achieve the home and lifestyle they’ve always wanted, because at MOJO, we’re all about Living Passionately.
Find out more about the HomeBuilder Grant and see if you’re eligible with our list of frequently asked questions. HomeBuilder FAQ
Q. Am I eligible for the HomeBuilder Grant?
A. To access the grant, the owner-occupier must meet the following eligibility criteria: -Aged 18 years and over
-Must be an Australian Citizen (all applicants)
-Must be an individual not a business
-Must earn less than $125,000 per annum as an individual (based on 2018-19 tax returns or later)
-Must earn less than $200,000 per annum as a couple (based on 2018-19 tax returns or later)
-The home must be a principal place of residence where the property value (house and land) does not exceed $750,000. This amount does not include stamp duty.
Q. What are the dates for the HomeBuilder Grant?
A. You must sign and enter into a building contract between 4 June 2020 and 31 December 2020. Construction is to commence within three months of the contract date.
Q. Are the applications for the grant now open and how do I apply?
A. Applications can now be made for the Commonwealth HomeBuilder Grant through Revenue NSW. To apply for the grant and to access important information including eligibility criteria and Lodgement guide, please click here.
Q. Is the grant only available for First Home Buyers?
A. No. Anyone can apply for the HomeBuilder grant, provided you meet the eligibility criteria. However, HomeBuilder is not available for investment properties or owner-builders. An owner-builder is a person who is the registered or licenced builder and takes legal responsibility for domestic building work being carried out on their own land/property.
Q. Can I get the HomeBuilder Grant on top of the First Home Owners grant?
A. Yes, first homebuyers qualify for the First Home Owners grant as well as the HomeBuilder Grant should you meet the criteria. The First Home Owners grants is NSW is $10,000.
Q. What type of dwellings can I build under the HomeBuilder Grant?
A. Houses (including house and land packages) may be eligible for HomeBuilder – provided the applicant meets the eligibility criteria, including that the owner-occupier must contract to build a new dwelling. See our home designs here.
Q. How do I receive the HomeBuilder Grant?
A. The relevant State or Territory Revenue Office will distribute the $25,000 grant directly to the applicant. You will receive payment of the HomeBuilder after the foundations have been laid (slab stage) and the first progress payment has been made to your builder.
Q.What documentation is needed?
A. -A copy of your birth certificate, current Australian passport or Australian Citizenship Certificate
-Copy of either the 2019-19 or 2019-20 Notice of Assessment
-A copy of the contract dated and signed by the applicant and the nominated registered/licensed builder
-A copy of your builder’s registration or license, depending on state or territory
-Documents such as council development approvals, building contracts, occupation certificates and evidence of land value
Q. To be eligible, it states that the construction must commence within 3 months of signing the contract. What does this mean?
A. For new builds, commencement of construction will be as early as commencement of excavation and site preparation works.
Q. What if there is a delay in the commencement of your build and commencement of construction takes longer than 3 months?
A. Where commencement is delayed due to unforeseen factors outside the control of the parties involved, a maximum extension of an additional 3 months may be provided.
According to the Australian Government HomeBuilder Fact Sheet, a maximum extension of an additional three months may be provided by States and Territories on a case-by case basis, where the relevant Revenue Office (Revenue NSW) is satisfied that the delay in commencement of construction is due to unforeseen factors outside the control of the parties to the contract (e.g. building or planning approvals). Please get in touch with our team for further details.