HomeBuilder is a $25,000 tax-free grant for eligible owner-occupiers, including first time buyers, to build a new home or substantially renovate an existing home. The Australian Government initiative aims to encourage new home builds and renovations this year to help the residential construction market recover from the coronavirus crisis.
HomeBuilder has been designed to complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
This grant is time-limited and will be available for building contracts signed between 4 June 2020 and 31 December 2020, where construction or renovation commences within three months of the contract date.
Provided you satisfy the stringent eligibility criteria, which includes price caps and income caps to manage demand and support residential construction activity, the grant will be paid by your relevant State or Territory authority. Please note that owner builders and those intending to build or renovate an investment property are ineligible for HomeBuilder.
Should you wish to apply for the HomeBuilder grant, you should contact your relevant State or Territory authority.
We’re ready to help you
At G&C Mutual Bank, we have a range of home loans available for construction. If you’re looking to renovate, we can also assist with refinancing and top ups. First home buyers can take advantage of our award-winning First Home Premium Package. Whether your goal is to build your new home or renovate your existing home, we’re ready to help you. Apply online or contact us to find out more.
