Government Schemes - HomeBuilder Grant

08 Apr 2021

Congratulations if you are looking at buying or building your first home! If you have read our blog on Government Schemes for First Home Buyers, here is more information about the HomeBuilder Grants.

HomeBuilder Grant

First-home buyers or eligible owner-occupiers can apply for the HomeBuilder Grant which will allow applicants to get a $25,000 tax-free grant towards building a new home, valued at less than $750,000 or substantially renovate an existing home valued between $150,000 and $750,000.

Eligibility 

This grant is available for all owner-occupiers, not just first-home buyers, but can be used in conjunction with federal first-home buyer schemes.

Eligible singles must have a taxable income under $125,000 in the previous financial year.

Eligible couples must have a taxable income under $200,000.

The grant cannot be used by investors, or for renovations not part of the principal place of residences such as sheds, pools or granny flats.

Please note that the definition of a substantial renovation is when all, or most, of the structural or non-structural components of a building, are removed or replaced. Most of the rooms in the building must have been renovated and affected the building as a whole for it to be considered a substantial renovation.

Limited Grant Offer

This federal HomeBuilder grant is designed to help the Australian residential construction market and the grant is only available for a limited time. On 29 November 2020, the Government announced an extension to the HomeBuilder program to 31 March 2021.

As Grants can change and be updated regularly it is important that you check the Queensland Government site Queensland First Home Owners' Grant | Homes and housing | Queensland Government (www.qld.gov.au)

Buying from MyHouse

Trust is the most important factor and myhouse is committed to its clients, both our Sellers and Buyers. We want you to feel confident when you’re purchasing your first home and knowledgable of what is available to you. Contact us today if you’re interested in any of our properties and keep reading our Blogs if you’d like to learn more!