Article updated as at 18 January 2021
Great news! The popular HomeBuilder grant has been extended beyond 31 December. Here’s what you need to know about funding your dream home.
It’s great news for your property goals! Already, HomeBuilder has helped fund 27,000 dream homes and yours could be next!
By extending HomeBuilder to 31 March 2021, an additional 15,000 homes are expected to be constructed to receive a major revamp.1
The question is, how can you benefit?
The fine print
HomeBuilder is now available for all eligible new building contracts signed between 1 January 2021 and 31 March 2021.
However, new conditions apply.
From 1 January 2021, HomeBuilder will be worth $15,000 – down from $25,000. That’s still a very handy sum – it could pay for your new bathroom!
New home buyers or renovators in NSW and VIC have extra reason to celebrate! From 1 January 2021, the HomeBuilder property price caps for eligible new builds will be increased from $750,000 to $950,000 (NSW) and $850,000 (Victoria).
For more information on the HomeBuilder extension visit treasury.gov.au
What’s the eligibility criteria?
To access the HomeBuilder scheme, owner-occupiers must meet eligibility criteria including2:
- Being an Australian citizen aged 18 years or older, and being an individual, not a company or trust.
- Earn annual income below $200,000 for couples, and $125,000 for singles.
- Have a renovation budget between $150,000 and $750,000 for established homes valued at less than $1.5 million (pre-improvements).
- Build a new home costing less than $950,000 in NSW (includes land value); $850,000 in Victoria; or $750,000 in all other States and Territories.
For more information around eligibility visit homebuilder.gov.au
Which renovations are eligible?
For home improvements to be eligible for HomeBuilder:
- Renovations must improve the accessibility, live-ability and safety of the property.
- The value of renovations must be between $150,000 and $750,000
Not all renovations are eligible for HomeBuilder. The grant cannot be used for additions not connected to your home such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages. Click here to read more.