Home Builders Grant
The Australian Government announced the HomeBuilders Grant to provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home, substantially renovate an existing home or buy an off-the-plan home/new home where the contract is signed between 4 June 2020 and 31 December 2020 and construction commences within six months of the contract date.
HomeBuilder applications must be lodged via the online portal, and must be received by no later than 31 December 2020 once a contract has been signed. It is however, only once construction has commenced and the payment eligibility requirement milestones have been met, that it will be confirmed that you have been approved for and paid the Homebuilder Grant.
Due to how and when the grant is approved and paid, a bank will NOT use the Homebuilder Grant as part of the funds to complete the construction. You will need to show a bank when applying for a construction loan that you have funds to complete the build in full without the grant.
Once the build has commenced you can then finalise the Homebuilder application and once approved the grant will be paid to you directly.
For more information on the Homebuilder Grant please click here.
Or for Frequently asked questions please click here.