To be eligible your circumstances must meet all of the following criteria:
you are not a company or trust;
you are aged 18 years or more;
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; and
construction must commence within three months of the contract date.
How does the process work?
HomeBuilder will be implemented via a National Partnership Agreement, signed by the Commonwealth and State and Territory governments. This approach will utilise existing state and territory mechanisms to distribute the HomeBuilder payments.
The ACT Government has now opened a two part application process to apply for the grant. This is split into a Part A and a Part B.
Part A is the initial registration process for the grant, and needs to be lodged by the 31st of December 2020. This form will require basic information about yourself and the project, including details of the applicant/s, details about the property, contract details and approximate commencement date.
This is the more details part of the application, and needs to be completed by 31st of October 2022. This response will need to include all the details surrounding eligibility of yourself, your land, and your project. As such, various aspects of documentation will be required in order to prove eligibility. Details around what ACT Revenue will accept are on their site, links to which are included below.
Apart from the due date of applications forms discussed above, HomeBuilder will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020.
Construction must commence within three months of the contract date.
The terms of the contract should be commercially reasonable and the contract price should not be inflated compared to the fair market price.
Renovations or building work must be undertaken by a registered or licenced building service 'contractor' (depending on the state or territory you live in) and named as a builder on the building licence or permit.
The renovation works must be to improve the accessibility, safety and liveability of the dwelling.
Have more questions?
Contact Bentan Honeywood, our Planning Strategist, either through: