Category: Finance News

Tired of dreaming about a new home? See how the HomeBuilder grant can turn your dream into a reality.

Were you planning to build your first home this year … then COVID hit? You don’t need to postpone your dreams if you qualify for the Government’s $25,000 HomeBuilder grant.

Just imagine having an extra $25,000. It’s not a loan. It’s a grant which means you don’t pay it back. It’s yours if you are eligible.

About the HomeBuilder grant

The HomeBuilder grant is a government initiative to invigorate the residential building market. It can be used for new builds and substantial home renovations. To qualify, certain eligibility criteria must be met but if you do, the grant can be used to:

• Purchase a new House and Land package
• Build a new home on land you already own
• Purchase off-the-plan
• Undertake a substantial renovation on an existing house

In addition to the HomeBuilder grant, first home buyers may also be entitled to further financial assistance from:

• The NSW Government’s First Home Owner grant and stamp duty concessions
• Commonwealth Government’s First Home Loan Deposit Scheme and First Home Super Saver Scheme

Eligibility

To be eligible for the HomeBuilder grant, your new home cannot exceed $750,000 in value and you must:

• Build a new home to live in – investment properties aren’t eligible for the grant
• Be over 18 and an Australian citizen
• Meet the income cap of $125,000 per annum for individuals or $200,000 for couples based on your 2018-19 taxable income
• Sign a building contract between 4 June – 31 December, 2020 with construction commencing within 3 months of signing the contract

If it feels like a rush to begin construction within 3 months of signing the contract, don’t worry. It won’t be a problem if you choose the right building company. In addition, the Government will allow extensions under certain circumstances such as:

• Substantial periods of bad weather
• Delays in obtaining council approval
• Difficulties in obtaining construction materials and/or sub-contractors

For more information on how to gain an extension on your HomeBuilder grant, click here.

Timeframes and property value

The HomeBuilder grant is only available for a limited time so don’t delay – especially if you haven’t begun planning or designing your new home. But that’s where ZAC Homes can help you. With our in-house architects, design consultants, choice of custom or display homes as well as house and land packages, building your new home could begin this year.

Don’t let 2020 be the year your dreams of a new home evaporated. Get in touch today and let’s make your new home a reality.