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$25,000 HomeBuilder Grant for Owners and Renovators

Published by:
James Morris
Published on:
June 07, 2020
Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215
$25,000 HomeBuilder Grant for Owners and Renovators

The Australian Government has announced a HomeBuilder grant to help drive economic activity in the residential construction sector.

The grant will provide eligible applications $25,000 for approved new home construction or substantial renovations.

It will be available from June 4 to September 31 and construction must begin within three months of the contract date.

Pre-renovation eligibility requires the property to be valued under $1.5 million.

Am I eligible?

This new grant will be means tested.

The grant must also be spent on the principle place of residence, making investors unable to access the grant.

Companies or trusts who own residential properties are also not eligible.

Here is an eligibility check-list:

  • You are a not a company or trust
  • you are an Australian citizen
  • You have earned under $125,000 per annum in the 2018-19 tax return or later; or earned under $200,000 per annum for a couple based on the 2018-19 tax return or later.
  • You enter into a building contract between 4 June 2020 and 31 December 2020 (a maximum of 3 months prior to last contract date of 31 September) to either:
    • build a new home as a principal place of residence, with the property value of house and land below  $750,000; or
    • substantially renovate your existing home, with the renovation contract  between $150,000 and $750,000, and the value of your property of house and land below $1.5 million
  • Construction must commence within three months of the contract date.

What documents will I need to provide?

You will be asked to provide:

  • Proof of identity
  • A copy of a signed and dated contract
  • A copy of your builder’s registration or licence
  • AS copy of your latest tax return (either 2018/19 or 2019/20), and
  • Other documents such as Council approval, contracts, occupation certificates and valuations.

How do I apply?

You will need to apply for HomeBuilder through your State or Territory revenue office or equivalent authority.

Applications can begin once the State or Territory Government of the property signs the National Partnership Agreement.

Until this occurs in your State or Territory, applications will backdate to 4 June 2020.

Follow the below links for contact information:

QLD – The Office of State Revenue

NSW Revenue

Act Revenue Office

State Revenue Office Victoria

Revenue SA – SA – HomeBuilder Grant: Register your Interest

Northern Territory Revenue Office

WA Department of Finance

State Revenue Office Tasmania

Helpful links

For more information on the grant please see the Treasury HomeBuilder Fact Sheet and Treasury HomeBuilder FAQ’s.

Want to know more on what Government stimulus measures are available?

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IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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