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Temporary $25K HomeBuilder Grants

Written by Angela Bernardi . June 04, 2020
2 min read

The Federal Government has announced they will provide eligible Australians with $25,000 grants to build or substantially renovate their homes, which they have dubbed ‘HomeBuilder’.

Below we provide an outline of the information, along with Fact Sheets and FAQs provided by Treasury with further details.

HomeBuilder is a temporary program, for contracts entered into from 4 June until 31 December 2020, which aims to boost demand in the construction sector and keep builders employed.

Eligibility Requirements

Owner-Occupier

  • Must be an individual (not a trust or company)
  • Must be an owner-occupier, not an investor
  • 18+ years of age
  • Australian citizen
  • Earn $125,000 or less per year for an individual, or $200,000 or less per year for a couple

Construction

  • Restricted to substantial home renovations valued between $150,000 and $750,000, if the home is valued at no more than $1.5 million before the work begins
  • Construction of new homes (as a principal place of residence) up to the value of $750,000 (including the cost of land)
  • Construction must be contracted to start within three months of the contract date
  • Contracts must be entered into between 4 June and 31 December 2020
  • Building or renovation works must be under the supervision of a licenced or registered builder

Exclusions

  • Investment properties
  • Structures separate to the main property, such as swimming pools, tennis courts and sheds

Application Details

Grants will be distributed via the relevant State or Territory revenue offices, who are required to sign the Commonwealth Government’s National Partnership Agreement prior to applications being accepted.

We will provide an update on when and how you will be able to apply when this information is released.

If you require advice for your business make sure you take this opportunity to talk with us. Our team at BLG Business Advisers are happy to assist you.

Keep up to date with the most recent information by regularly checking our COVID-19 Resources page.

*The above information was correct at the time of publishing and subject to change*
Written by Angela Bernardi . June 04, 2020
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