LIMITED TIME GOVERNMENT GRANTS

Government to hand out grants for housing construction, renovations to bolster industry!

The Australian Government’s HomeBuilder program provides eligible owner-occupiers, including first home buyers, with a grant of $35,000 to build a new home or substantially renovate an existing home.

Here are some important things you need to know:

IMPORTANT!

On 29 November 2020, the Australian Government announced an extension to the HomeBuilder program to 31 March 2021, with a number of changes to the grant amount and criteria. This means you do not need to submit your application by 31 December 2020.

Key dates

4 June 2020-31 December 2020 — enter into a contract to build or renovate between these dates to be eligible for the $25,000 grant.

1 January 2021-31 March 2021 — enter into a contract to build or renovate between these dates to be eligible for the $15,000 grant.

14 April 2021 — all applications, irrespective of when the building or renovation contract was entered into, must be submitted within the HomeBuilder application portal by this date.

While applications must be submitted by 14 April 2021, it does not mean that all supporting documents must be uploaded by then. You can continue uploading your supporting documents, as they become available, beyond 14 April 2021.

WE AT ACTIVE FUTURE SOLUTION WILL TOP UP YOUR GRANT BY AN ADDITIONAL $15,000

SO, WHEN ELIGIBLE, YOU CAN CLAIM UPTO A TOTAL OF $50,000

- HOME BUILDER GRANT: $25,000

- FIRST HOME OWNERS GRANT: $10,000

- AFS GRANT: $15,000

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BUT YOU MUST BE QUICK!!!

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What Is the

Home Builder grant?

It’s a time-limited grant of $25,000 for owner-occupiers to go toward the cost of building a new home or substantially renovating an existing home, including demolishing the home and rebuilding.

Why is the government offering this?

To stimulate the residential building market and help create jobs as the building industry recovers from the COVID-19 crisis.

Who is eligible?

You must be a private homeowner and an Australian citizen aged over 18. The grant is available to individuals with annual income up to $125,000 a year, or couples with a combined income of up to $200,000,

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I’m not a first-home buyer, am I eligible?

Yes, it applies to all owner-occupiers.

Does it cover investment properties?

It is not available to build or renovate investment properties.

Is it tax-exempt?

A HomeBuilder grant will not be taxed.

Does it cover garages and pools?

It can’t be used for additions to a property such as swimming pools, tennis courts, outdoor spas and saunas, sheds or stand-alone garages.

Can I put it towards energy-efficient features, such as solar systems?

Yes. The grant can fund sustainable home features as part of your overall project

Is there a time limit?

Yes. Contracts to build a new home or renovate must be signed between now and 31 December, 2020

Can it be combined with other grants?

It can be combined with other state and federal government grant schemes, including the First Home Owner Grant, First Home Super Saver Scheme and First Home Loan Deposit Scheme.

Which authority administers the scheme in Victoria?

The State Revenue Office will administer the HomeBuilder program in Victoria on behalf of the Australian government.

I plan to build or renovate myself without builders, am I eligible?

No. Renovations or building work must be undertaken by a registered or licensed building service contractor

Victoria First Home Buyer Schemes

First-Home Owner Grant

A $10,000 grant is available until June 30, 2021 for new first homes, and $20,000 for new homes built in regional Victoria, valued at $750,000 or less.

Stamp Duty Exemption

Stamp duty exemption is available to first-home buyers for all properties, old or new, up to $600,000, with a 50 per cent concession for properties up to $750,000. With off-the-plan projects, you may only pay stamp duty on the difference between the contract price and the cost of construction.