You may have heard about the HomeBuilder grant but how exactly does it work? Introduced by the federal government as an incentive to reinvigorate the construction industry after coronavirus, the HomeBuilder grant is a $25,000 cash injection offered to Australians building a new home or renovating an existing one. However, after news that a grant would be on offer, many people have been left feeling a little bit confused as to what the HomeBuilder grant covers, and if they are eligible. Does it include small renovations? Is it only available for first home buyers? Can you access it if you’re a permanent resident?
We thought we’d break down some of the most common questions about the HomeBuilder grant, and how the Award Winning Group can help.
How long is the Homebuilder grant available for?
The HomeBuilder grant will be available for building contracts signed between June 4 – December 31st 2020.
Who’s eligible for the HomeBuilder grant?
To qualify for the HomeBuilder scheme, you must match the following criteria:
- A natural person (not an organisation or trust)
- Be aged 18 years or older
- Be an Australian citizen
- Individuals must make below $125,000 a year, couples must make below $200,000 a year
- The total house and land value of the new house being built must not exceed $750,000
- Renovations to a new home but cost more than $150,000 but must not exceed $750,000
How do I apply for the HomeBuilder grant?
At this point in the process, there is no application form for the HomeBuilder grant just yet as individual states still need to sign an agreement.
It is expected that an online application form will be available in early August. You can register your interest here to receive more updates.
What documentation will I need to provide?
Applicants can expect to need proof of identity, financial records, and a copy of the building contract and licence from an accredited builder.
I’m not a first home buyer, am I still eligible?
Provided you meet the criteria, and that you’re not building an investment property, you can apply for the HomeBuilder grant.
Building a new home
Good news! If you apply for the first home builder grant in conjunction with HomeBuilder, you’re set to receive $40,000 from the government towards your new home (Queensland). Your dwelling of choice can be a home, or an off the plan townhouse or apartment. The HomeBuilder scheme will not cover the costs of an investment property.
If you’re thinking about building your dream home and wish to take advantage of the HomeBuilders grant before it expires, get in contact with one of our master builders to see how we can help you build your vision. Our builders offer full service residential drafting and design work and a seamless construction process.
Renovations and extensions
The HomeBuilders grant is perfect for extensive renovations, as the minimum cost involved to receive the grant is $150,000. Renovations must improve the accessibility or livability of the property and must be attached to the dwelling – so no granny flats, swimming pools, or garages. The HomeBuilders grant is ideal for substantial renovations such as knock down builds or restructuring.
If you’re looking to perform some extensive renovations on your property, our team is more than happy to provide a free quote and assessment. Our master builders are experts at transforming kitchens and bathrooms into modern day masterpieces and offer design solutions that are aesthetically pleasing and functional.
How can Award Winning Group help with your HomeBuilder grant?
At Award Winning Group we believe transparency is the best way forward when it comes to clients. The process of building a new home or extensively remodelling one can be a daunting process, especially with the addition of applying to grants. We are more than happy to break down the costs of everything involved in layman’s terms – no construction jargon – and give you all the documents required to apply for the grant.
Take advantage of the HomeBuilder Grant Today with the Award Winning Group
If you’re looking to build a new home or transform your current one with a more modern look, our builders at Award Winning Group would love to make your dreams a reality. For more information about how you can take advantage of the HomeBuilder grant and build your perfect home, please get in touch with one of our North Brisbane builders today for a design and drafting quote.