How To Access the $25,000 HomeBuilder Grant

18 Jun How To Access the $25,000 HomeBuilder Grant

The Western Australian government is providing a $25,000 grant to homeowners looking to build their new home or substantially renovate an existing home.

How to access the $25,000 homebuilder grant

This is a great news for first time home buyers because they can access up to $55,000 worth of grant! The HomeBuilder scheme is tax-free and is complementary to the existing First Home Owner Grant in WA which amounts to $10,000, stamp duty concessions, and the government’s First Home Loan Deposit scheme, as well as the First Home Super Saver scheme.

Now let’s go to the technicalities and FAQs of the grant and see how you’re able to access the payment. First question: are you eligible?

Am I eligible for HomeBuilder?

According to the Treasury’s website, you must be an owner-occupier and meet the following eligibility criteria:

✔ You must be aged 18 years or older;

✔ You are an Australian citizen; and

✔ You earn up to $125,000 per annum as a single, or $200,000 as a couple.

Does my home qualify for HomeBuilder?

There are a number of criteria homeowners have to meet to qualify for HomeBuilder.

✔ If you are renovating, you need to be spending more than $150,000.

✔ If you are building a new home, it needs to be worth less than the national price cap of $750,000. 

✔ If you are renovating an existing property it needs to be valued at less than the national price cap of $1.5 million.

✔ The building works must improve the liveability, accessibility or safety of your home.

What types of homes are eligible?

All dwelling types are eligible for the scheme, including houses, apartments, house and land packages and off-the-plan purchases, provided the owner-occupier is building a new home or significantly renovating an existing home. Applicants must also meet the eligibility requirements mentioned earlier.

I am not a first home buyer. Can I still access the grant?

All eligible homeowner-occupiers will receive the grant. However, HomeBuilder is not available for investment properties or to owner-builders.

When can I access the HomeBuilder?

HomeBuilder will be available for building contracts signed between 4 June 2020 and 31 December 2020, where construction or renovation commences within three months of the contract date.

How do I apply for the grant?

When the state or territory you live in signs the National Partnership Agreement, it can begin to distribute the HomeBuilder payments to those who apply. These applications will be backdated to 4 June 2020, and information on when and how you can access the HomeBuilder grant will become available through your relevant state or territory revenue office.

What proof or documents do I need to provide?

✔ proof of identity;

✔ a copy of the contract, dated and signed by you and the nominated registered or licenced builder;

✔ a copy of the builder’s registration or licence (depending on the state you live in);

✔ a copy of your 2018-19 tax return (or later) to demonstrate your eligibility against the income cap; and

✔ documents such as council approvals, building contracts or occu pation cer tificates and evidence of land value

Now more than ever is the absolute perfect time to make your dream home a reality! If you’re not sure how to start or you have more questions or clarifications, feel free to give me a ring on 0408 081 082.

Reference: https://treasury.gov.au/sites/default/files/2020-06/HomeBuilder_Frequently_asked_questions.pdf

Disclaimer:

Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

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