Homebuilder 25K Government grant

Up to $40,000 of tax-free grants available now!

Time-limited, tax-free grant of $25,000 to build dream home.

Yesterday the Australian Government announced the time-limited HomeBuilder program. This exciting program is the latest fiscal measure designed to stimulate the Australian economy during the COVID-19 pandemic. 

Under the program, eligible owner-occupiers can apply for a tax-free grant of $25,000 to:

  • construct a new home, or
  • substantially renovate an existing home that meets Australian Treasury requirements.

There are no limits on the amount of people who can receive HomeBuilder. To receive a $25,000 grant through HomeBuilder, you must apply to the Queensland Government and the meet the eligibility criteria.

An eligible owner-occupier must –

  • Be an Australian citizen aged over 18 years, and
  • Meet the income caps based on 2018-19 tax returns or later
  • Individual applicants’ income must not exceed $125,000 pa
  • Combined income for couple applicants must not exceed $200,000 pa.

Criteria is also set around eligible contracts –

  • Contract must be a residential building contract with a licenced or registered builder for principal place of residence
  • Contract must be signed between 4 June to 31 December 2020. Construction must commence within 3 months of the contract date
  • To construct a new home – property value (house and land) is $750,000 or under
  • To substantially renovate existing home – renovation contract is between $150,000 and $750,000 and existing property (house and land) is worth $1.5 million or under.

In Queensland, this grant will be administered by the Queensland Office of State Revenue, which will publish information around the HomeBuilder application process in due course. The Queensland Government needs to first sign the National Partnership Agreement. Contracts signed on or after 4 June 2020 may be eligible for the $25,000 grant. If you’re eligible, and signed your residential building contract before the application process is set up, the Queensland Government will backdate your application.

$15,000 First Home Buyers grant also available.

This Homebuilder grant is separate to the $15,000 grant which is currently available to first home buyers.  So there may be up to $40,000 of grants available now to eligible buyers to build your dream home.

Oxmar’s friendly, highly experienced team is available to help. Give us a call today on 3263 4977 to discuss building your dream home in one of Oxmar’s premier residential land estates.

Information in this news alert about the HomeBuilder program is based on Treasury data used under a Creative Commons BY Attribution 3.0 Australia licence. The Treasury has not endorsed this publication and this information is given without responsibility.  Intending purchasers should satisfy themselves as to the accuracy of all information given by their own inquiries.

Enquire if you like more information on the grants available
Oxmar Properties

Oxmar Properties

Developing LAND across Queensland.

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