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December 14, 2020

Federal and State Building Grants

Federal HomeBuilder Scheme

In response to the COVID-19 crisis the Australian Government has implemented the HomeBuilder grant of $25,000 available to eligible Australians to boost the residential construction industry. This payment is available to both first home buyers and subsequent homebuyers to either build a new home, substantially renovate an existing residence or purchase a new home off the plan.

Eligibility:

• You must be earning less than $125,000 for singles or $200,000 for a couple or family
• Construction is for owner-occupation only
• Purchase price of new home must not exceed $750,000 (incl. land)
• Contract to build must be signed between 4^th June 2020 and 31^st December 2020
• The money can be used for renovations between $150,000 and $750,000
• The grant cannot be used on investment properties or facilities outside the home such as tennis courts, swimming pools, outdoor spas etc.

For more information on HomeBuilder: https://treasury.gov.au/coronavirus/homebuilder

WA Building Bonus Scheme

The West Australian Government has also announced that West Aussies looking to build a new home will receive a $20,000 grant as part of the state’s Building Bonus Package. This grant is in ADDITION to the $25,000 federal HomeBuilder grant and eligible first home buyers may also receive the $10,000 First Home Owners Grant. In total, eligible first home owners could be entitled to over $55,000 in grants plus potential stamp duty concessions.

Eligibility:

• No income limits or means test
• No purchase price limits
• Grant is available for first home owners and subsequent homeowners
• Cannot be used for renovations
• Contract to build must be signed by 31st December 2020 and homebuilders will have 1 year to commence site works