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HomeBuilder Scheme Unveiled

Details of the much-anticipated HomeBuilder Scheme was been revealed last night.

To be eligible for the $25,000.00 HomeBuilder Grant, you must:

1. Be an Australian citizen aged 18 years or older and be an individual, not a company or trust; and

2. Be on an annual income of less than $200,000 for couples, and $125,000 for singles:
(i) Be spending between $150,000 and $750,000.00 on substantial renovations on a home that is valued at less than $1.5m; or
(ii) Be building a new home worth less than $750,000.00 (including the value of the land).

3. Construction must commence within 3 months of the contract date.

The HomeBuilder Grant will not be available to:

  • Owner builders
  • Owners wanting to build or improve investment properties
  • Owners wanting to use the funds for improvements that are not connected to the home – eg. swimming pools, tennis courts, outdoor spas and saunas, sheds or garages.

The Grant can apply to all dwelling types including a house, apartment, house and land packages, and off the plan contracts. The Grant will be offered for contracts entered between 4 June 2020 and 31 December 2020 and construction must be contracted to begin within 3 months of the contract date to be eligible.

The HomeBuilder Grant is in addition to and complements the existing First Home Buyers Grant program and stamp duty concessions, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.

How to apply
You will be able to apply for HomeBuilder through the Office of State Revenue (OSR) (once the Queensland Government signs the National Partnership Agreement).

You should contact the OSR for more information about when and how you will be able to apply.

See the following link for further information: https://treasury.gov.au/coronavirus/homebuilder

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