Thinking of building a new home or renovating?

Thinking of building a new home or renovating? Discover how a $25,000 grant could be just what you need to get the job done.

At QBANK, we are pleased to share good news that may benefit our members, such as the announcement of the $25,000 HomeBuilder Grant, a great opportunity that could not only help you out, but also Australia's economy following the slowdown of recent months.

HomeBuilder is a limited time program that provides eligible owner-occupiers, including first home buyers, with a grant of $25,000 to build a new home or substantially renovate an existing home, with the flow-on effect of giving the residential construction market a much needed boost.

The program applies to new home or renovation contracts signed between 4 June 2020 and 31 December 2020, with construction starting within three months of the contract date. It's also good to know that many dwelling types ­– house, apartment, house and land package, off-the-plan, etc, are eligible under HomeBuilder, in accordance with the requirements that an owner-occupier must contract to build a new dwelling or substantially renovate their existing dwelling.

Another advantage of HomeBuilder is that it's designed to complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.

Check whether you meet the eligibility criteria for the HomeBuilder Grant of $25,000:

  • You are a natural person (not a company or trust);
  • You are aged 18 years or older;
  • You are an Australian citizen;
  • You meet one of the following two income caps: $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or $200,000 per annum for a couple based on both 2018-19 tax returns or later;
  • You enter into a building contract between 4 June 2020 and 31 December 2020 to either: build a new home as a principal place of residence, where the property value does not exceed $750,000; or substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million;
  • Construction must commence within three months of the contract date.

If you meet the eligibility requirements, and you've been thinking of building a new home or undertaking renovations this year, this Grant could be just the incentive you need to get the job done.

Review the HomeBuilder Fact Sheet, as other conditions do apply. 

Or, the Frequently Asked Questions Sheet that could clear up any issues you might have. 

If you would like any further information, please contact QBANK online or call 13 77 28.

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