Who is eligible for the home builder grant?
The stimulus package given to enhance the realty market in the country is the Home Builder grant. It is given to homeowners looking for building a new home or renovating the existing one. The grant is a part of a 688 million dollar package aimed at reviving the property and construction industry. This grant is applicable to building contracts entered into up to 31 December 2020.
The extended Home Builder program?
There has been a modified version of the Home Builder program has been announced. It is an extension of the older program that was effective till March 2021. According to the altered program, a grant of 15000 dollars will be provided for new builds and major renovations where the contract agreements were signed between 1st January to 31st March 2021. For contracts signed up to 31st December 2020 till date, the original program will be valid.
Are you eligible?
What are the eligibility criteria for the Home Builder grant? Here is the list of criteria. You can check from the list.
- You should be a prospective or current owner-occupier. Home Builder grant is not available to investors.
- You should have the intention of spending more than $150,000 on a renovation.
- If you’re building a new home, then your property must be worth less than $750,000.
- In case, you are renovating an existing property, then the value of the home has to be less than $1.5 million.
- The original grant is only available for contracts signed up until New Year’s Eve 2020. It is mandatory to contract the construction to begin within three months with a registered builder in Bundaberg.
Eligibility criteria for the extended Home Builder program:
- You have to be a prospective or current owner-occupier. Home Builder grant is not available to investors.
- You should have the intention of spending more than $150,000 on a renovation.
- In NSW and VIC, the property price cap for new build contracts is at $950,000 and $850,000 respectively.
- For all other states, the property price cap is at $750,000.
- In case, you are renovating an existing property, then the value of the home has to be less than $1.5 million.
- For the extended program, it is mandatory that the building contract must have been signed between 1 January 2021 and 31 March 2021.
- For both versions of the Home Builder program, the last date for filling application is 14 April 2021. This deadline applies to contracts signed on or after 4 June 2020.
