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05.06.20

Australian Government Announces HomeBuilder Initiative

Many of you will have heard the positive news regarding the HomeBuilder initiative announced by the Australian Government. This scheme will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home.    Some of the specific details regarding applicant eligibility can be seen below. These include:
  • A grant of $25,000 to eligible owner-occupiers (not just first home buyers) to build a new home or substantially renovate an existing home where the contract is entered into between June 4, 2020 and December 31, 2020.
  • Construction of a new home or substantial renovation must be contracted to commence within three months of the contract date.
  • Income thresholds – consistent with the First Home Buyers Deposit Gap Scheme (FHBDGS) – of $125,000 for singles, or $200,000 for couples.
  • A threshold of $750,000 for the value of the new home (including land) – again consistent with the FHBDGS.
  • Renovations to be valued between $150,000 and $750,000 with the dwelling not valued at more than $1.5 million prior to renovation.
  • Revenue offices at the state and territory level to administer the scheme.
 This is an exciting development for the new home industry and will help get people into their new homes quicker. For more information and to see if you are eligible please review the following documents. Read the HomeBuilder factsheet  Read the HomeBuilder FAQ's 

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