As part of a new federal government housing package designed to boost the economy, the HomeBuilder grant will offer eligible Australians $25,000 grants to build a new home or complete major renovations on their current home.
Here’s everything you need to know about this package, including who is eligible and what exactly it covers.
Who Is Eligible For Australia’s HomeBuilder Grant?
Here are the main qualifying criteria for Australia’s HomeBuilder Grant:
- Must be an Australian citizen, 18 years or older
- Renovations must be valued between $150,000 and $750,000
- The pre-renovation value of a home must not exceed $1.5 million
- For new home builds, the value of the property (including the land) must be estimated at $750,000 or less
- New home construction or substantial renovation (minimum of $150,000) must be contracted to start within three months
- Singles who earned up to $125,000 the previous financial year and couples who earned up to $200,000 may be eligble
- The grant will be offered for eligible contracts entered into between 4 June 2020 and 31 December 2020
- Investors and owner builders will be banned from claiming the cash
- Projects such as swimming pools, sheds, outdoor spas, tennis projects, saunas and other additions besides the main property are not eligible
What Is the Purpose of The Home Builder Grant?
The package is estimated to generate $15 billion or more in national economic activity and help address the hole in the housing sector that has resulted from the COVID-19 pandemic. It is also predicted to prevent the supply of new houses from dropping significantly in 2020 and 2021.
Deemed more than just an effort to help Australian’s build their dream homes, the package also aims to see hundreds of thousands of people employed, including floor layers, carpenters, builders, painters, electricians, plumbers, and other tradesmen throughout the country.
FAQs About Australia’s HomeBuilder Grant
Q: Is flooring covered?
Q: Is Australia’s HomeBuilder Grant Tax-Free?
Q: Are companies or trusts eligible?
Q: Does the grant apply to all owner-occupiers or just first-time home buyers?
A: The grant applied to all eligible owner-occupiers, not just first-time home buyers.
Q: How much is the HomeBuilder grant expected to cost?
A: The government expects the package will cost $680 million, which equates to around 27,000 grants. However, like Australia’s JobKeeper program, HomeBuilder will be available to anybody who successfully applies, meaning no exact final costing has been determined.
Q: Does HomeBuilder complement any existing programs?
A: Yes, HomeBuilder complements existing state and territory First Home Owner Grant programs, stamp duty concessions and other grant schemes. It also complements the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
Do You Have a Dream Renovation or New Home In Mind?
If you have been planning a renovation or new build, now might be a great time to get started. If your renovation includes new flooring, our team of experts would be glad to help you decide on a fresh new choice.
We can also guide you on how to get rid of your old flooring, determining which type of subflooring you have, and deciding whether you should stick with the same material as before or install something new.
In renovations, we often see homeowners switching outdated vinyl for today’s realistic, durable loose lay vinyl planks.
We also see many renovators showing a great interest in switching out their old laminate flooring with today’s laminate floors, which feature advanced technology that better mimics real timber flooring. Compared to laminate flooring in the past, current laminate flooring has really stepped up the game in terms of quality and appearance.
For new home builders, now is an exciting time to be designing a home! The flooring options are endless, innovative, and extensive. Whether you want the exact look of timber for at a more affordable price (and less maintenance) or you need 100% waterproof flooring for certain areas of your home, we can help you choose the best flooring for your new home.
Want To Know More About Australia’s Home Builder Grant?
With things changing from day to day it seems, we know it can be hard to keep up with everything. If you have questions on the HomeBuilder grant, we’d be glad to point you to additional resources or talk it through with you.
Of course, we’d also be glad to help you with any flooring questions that come up. Whether you are planning a new home or a renovation, our experts are ready to help.