As long as you meet the requirements for the Home Builder Scheme, you can get a grant of $25,000 to build a new home or to substantially renovate an existing home. This program is designed to improve the residential construction market, encouraging home buyers to build new homes and renovate old homes.

The following requirements apply:

· The home buyer must be an owner occupant.

· The home buyer can earn no more than $125,000 a year for a single applicant or $200,000 for a couple.

· Once the home builder scheme is active, the home buyer must sign a contract between 4 June and 31 December 2020.

· The home builders must commence construction or renovation within 3 months of the contract date.

· For home renovation, the existing property value must be less than $1.5 million, and the renovation must cost between $150,000 and $750,000.

· For new builds, the house and land must not be more than $750,000.

Ideally, this will reinvigorate the market, as there will be new properties being built, and some older properties which might not otherwise sell will be renovated.

The HomeBuilder payment is not only for first home buyers, but for all new homes and renovations that fit the criteria. The $25k payment can be combined with the relevant first home owner grants and concessions in each state. The grant will also be available to anyone accessing the Federal Government’s First Home Loan Deposit Scheme for a new home. The grant will be administered by each State and Territory revenue office and will be paid directly to the owner occupier by the office of revenue after the first progress payment is made.

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