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HomeBuilder Grant How to apply

How to apply for the HomeBuilder Grant, everything you need to know about the HomeBuilder Program.

The government’s new HomeBuilder Grant scheme has already been lashed by critics – but here’s what you need to know if you want to apply.

The Federal Government’s new HomeBuilder Program, HomeBuilder grant has only just been announced, but questions have already been raised regarding who can access it.

The plan was formally announced by Prime Minister Scott Morrison and Treasurer Josh Frydenberg yesterday, immediately sparking fury among critics who claim the fine print means very few Aussies will actually benefit from it.

But if you are one of the lucky few who will be eligible for the scheme, you’ll likely be celebrating the announcement – and scrambling to apply.

Here’s what you need to know.

WHAT IS IT?

For a limited time, the HomeBuilder grant program will deliver $25,000 grants to help the residential construction industry recover form the coronavirus crisis.

Under the scheme, eligible owner-occupiers – including first home buyers – will get the payment to build a new home or “substantially renovate” an existing one.

The contract must be signed between June 4 and December 31, 2020, and construction must commence within three months of the contract date.

HomeBuilder Grant, Acura Developments
Prime Minister Scott Morrison unveiled the scheme yesterday. Picture: theaustralian.com.au

HomeBuilder will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes. Also including the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme, which means you could potentially get more than double the grant depending on where you live.

EXACTLY WHO GETS IT?

The $688 million HomeBuilder program will be available to Aussies who are building a new home worth less than $750,000.

It can also be put towards renovations worth between $150,000 and $750,000 that will result in the property being priced at $1.5 million or less.

The cash can’t be used on investment properties or to construct things outside the house such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages, and the work must be carried out by a licensed builder.

It will be means-tested and will only be available to singles who earn less than $125,00 a year or $200,000 per couple.

HomeBuilder Grant, Acura Developments

RORTING CRACKDOWN ON THE HOMEBUILDERS GRANT

When rumors of the program first started swirling, there were concerns it could be hijacked, but the government has committed to “integrity measures” to stop that happening. These include “strict eligibility criteria, price caps and income caps to manage demand and support residential construction activity”.

Other measures include:

• Owner-builders and those seeking to build a new home or renovate an investment property are ineligible.

• The registered or licensed builder must demonstrate that the contract price for the new build or substantial renovation is no more than a comparable product (measured by quality, location and size) as at July 1, 2019, if requested by the purchaser.

• The renovation works must be to improve the accessibility, safety and liveability of the dwelling, which means the money can’t be spent on additions to the property like swimming pools, tennis courts, outdoor spas and saunas, sheds or garages unconnected to the property.

• The contract must be made by two parties independently of each other and without some special relationship, such as being a relative. The terms of the contract should be commercially reasonable and the contract price should not be inflated compared to the fair market price.

HOW DO I APPLY?

According to the Treasury website, Australians will be able to apply for HomeBuilder grant after their state or territory government signs the National Partnership Agreement with the Commonwealth Government.

So far, critical information such as when you’ll be able to sign up and how you can apply will be available through the relevant state or territory revenue office in the near future.

Visit business.gov.au for updated state and territory information as it becomes available.

You can download the Governments HomeBuilder Grant  Fact Sheet here

Article Source: news.com.au Author: Alexia Carey

Find more information on the HomeBuilder Program in our Get the New Home Renovation Grant Post

Contact Acura Developments today for help and assistance in applying for the Homebuilder Grant

Acura Developments Servicing Brisbane and the Bayside

COVID-19 and Acura Developments commitment to managing risk.

Even as Restriction are lifting Acura Developments are Managing the risks of exposure to COVID-19 for both our Client and our employees. We are stringently following all the advice and requirements outlined by Safe Work Australia Including but not limited to:

  • Physical distancing
  • Health checks and quarantine
  • Worker hygiene
  • Environmental cleaning

You can download the Building and construction industry: Minimising the risk of exposure to COVID-19 h or visit this link Safe Work Australia. A Business resource kit can also be downloaded here: Business resource kit – COVID-19 .

This is not business as usual.

We are all going through unprecedented times with COVID-19 virus threatening our very way of life. We find ourselves temporarily separated from our families and communities. Acura Developments want you know that we remain at close hand, and we are ready to help and assist with any of your requirements.

About the author

Finance EditorAlexis has been a reporter for eight years, covering business, women's interests, politics, careers and more. She has previously worked at the Mamamia Women's Network and for several of News Corp's NewsLocal newspapers. She is passionate about telling people's stories and is a serious travel addict, having spent 20 months traveling the world before joining the news.com.au team in 2017.

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