Applications are now open for the HomeBuilder Grant.
The HomeBuilder grant is a tax-free grant program initiated by the Federal Government to stimulate the residential construction sector in response to the economic downturn caused by COVID-19. It provides eligible applicants with a $25,000 grant to help build a new home, or to renovate an existing home.
Although the program targets first home buyers, all eligible homeowner-occupiers can receive the grant — provided you meet the income criteria, are spending more than $150,000 on the home or renovations, and that the cost of the new home is under $750,000, or the value of the existing home is not more than $1.5 million.
You can buy off the plan as well as house and land packages, but the buyer must be an owner-occupier.
To be eligible for the HomeBuilder grant you must enter into a comprehensive home building contract between 4 June 2020 and 31 December 2020 (inclusive) and the new home must be your principal place of residence. Construction must commence within three months of the contract date.
For more detailed information on the Commonwealth HomeBuilder program here is useful link: http://revenuesa.sa.gov.au/grants-and-concessions/homebuilder-grant