The Australian government has recently announced an exciting new 'HomeBuilder' stimulus package to help the economy bounce back from the coronavirus outbreak.
HomeBuilder consists of a one-off $25,000 grant for owner occupiers who are ready to build a new home in 2020.
If you’re wondering whether you are eligible, we have outlined the details of the grant for you below.
How does the HomeBuilder grant work?
- To be eligible for the grant, construction on your new home must commence within three months of the contract date. At Alphaline Homes, we have this completely covered with our Start Build Guarantee. With all home builds, we guarantee that we will start construction within 30 days of written notice of unconditional finance approval.
- If you are eligible to receive the Queensland government’s existing $15,000 First Home Owner’s Grant, you will also receive the HomeBuilder grant on top of this - that makes for an incredible $40,000 to put towards your new home build!
- The grant will be paid directly to the owner occupier after the first progress payment.
- The grant is means-tested. Eligible owner occupiers must meet the income thresholds of $125,000 for singles and $200,000 for couples based on their latest assessable income.
- The maximum value of an eligible new home building contract is $750,000, including the land.
- The scheme is only available for contracts signed between 4 June 2020 and 31 December 2020
What type of building work is eligible for HomeBuilder?
To be eligible for HomeBuilder, you must enter into a Contract between 4 June 2020 and 31 December 2020 to either:
- Build a new home as a principal place of residence on new land, where the property value (house and land) does not exceed $750,000
- Build a new home as a knock down rebuild renovation project, where the value of the existing property (house and land) does not exceed $1.5 million pre-renovation
- Purchase a yet to be commenced new home ‘off the plan’ that does not exceed $750,000
Ready to build a new home in 2020? We can make it happen with our Start Build Guarantee
Talk to the team at Alphaline Homes. We’d be happy to have a no obligation chat about the finer details of the HomeBuilder grant and whether you're eligible.
Simply click here to get in touch or give us a call on 1300 584 663.