All you need to know about the Homebuilder Grant

Please note applications for the HomeBuilder program are now closed as of 31 March 2021

17 April 2021 update for all existing applicants: Good news if you are yet to commence construction!

The Federal Government has announced an extension to the construction commencement requirement of the HomeBuilder Program.¹ For all existing applicants, this extension will provide an additonal 12 months to commence construction from the date the building contract was signed. Changing the total period construction can start from 6 to 18 months.

Great news! The popular HomeBuilder grant has been extended beyond 31 December. Here’s what you need to know about funding your dream home.

It’s great news for your property goals! Already, HomeBuilder has helped fund 27,000 dream homes and yours could be next!

By extending HomeBuilder to 31 March 2021, an additional 15,000 homes are expected to be constructed to receive a major revamp.²

The question is, how can you benefit? 

The fine print

HomeBuilder is now available for all eligible new building contracts signed between 1 January 2021 and 31 March 2021.

However, new conditions apply. 

From 1 January 2021, HomeBuilder will be worth $15,000 – down from $25,000. That’s still a very handy sum – it could pay for your new bathroom!

New home buyers or renovators in NSW and VIC have extra reason to celebrate! From 1 January 2021, the HomeBuilder property price caps for eligible new builds will be increased from $750,000 to $950,000 (NSW) and $850,000 (Victoria).

For more information on the HomeBuilder extension visit treasury.gov.au

What’s the eligibility criteria?

To access the HomeBuilder scheme, owner-occupiers must meet eligibility criteria including³:

• Being an Australian citizen aged 18 years or older, and being an individual, not a company or trust.
• Earn annual income below $200,000 for couples, and $125,000 for singles.
• Have a renovation budget between $150,000 and $750,000 for established homes valued at less than $1.5 million (pre-improvements).
• Build a new home costing less than $950,000 in NSW (includes land value); $850,000 in Victoria; or $750,000 in all other States and Territories.

For more information around eligibility visit homebuilder.gov.au

Which renovations are eligible?

For home improvements to be eligible for HomeBuilder:

• Renovations must improve the accessibility, live-ability and safety of the property.
• The value of renovations must be between $150,000 and $750,000

Not all renovations are eligible for HomeBuilder. The grant cannot be used for additions not connected to your home such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages. Click here to read more.

Get in quick. Deadlines are fast approaching!

It’s fantastic that HomeBuilder has been extended for another three months. But time flies!

Act now to learn more about HomeBuilder and how it could work for you.

Contact your local Mortgage Choice broker today to get the ball rolling! Your broker can guide you through your options – and the application process, to find the solution that’s the best fit for your financial situation.

For more information about becoming a First Home Buyer check out our Information Centre.

For details of the recent changes to HomeBuilder visit treasury.gov.au.

1 https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/homebuilder-extended-support-more-jobs
2 https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/homebuilder-success-sees-programme-extended
3 https://treasury.gov.au/coronavirus/homebuilder