HomeBuilder Grant Eligibility and Coverage – What to Know
Buying or building your dream home is a huge undertaking. On top of that, gathering the funds you need for this project can be a daunting task. Fortunately, there are financial aids that you can apply for to turn your dreams into reality.
The HomeBuilder grant could be the answer to finally getting your dream home. It is an initiative of the Australian government to help Aussies create the home of their dreams by providing non-repayable funds for construction and renovations. This is also meant to assist the residential construction market and support thousands of builders and traders in the country.
Securing a HomeBuilder grant can help your project significantly. However, there are certain eligibility requirements that you must meet to qualify for the grant.
To help you understand this financial assistance better, we’ll be going through the HomeBuilder Grant eligibility requirements and other helpful information in the sections below:
How to Know If You Are Eligible for the HomeBuilder Grant
After a successful application, you will be able to receive at least a $25,000 cash grant for a new home or a renovation.
That said, not a lot of people can enjoy this benefit. There are certain criteria that you must meet, like the following:
- You must be a natural person (Companies or trusts are not eligible).
- You must be 18 years old and above.
- You must be an Australian citizen.
- For individual applicants, your income must be no more than $125,000 per annum based on the previous tax return. For couples, the income must be no more than $200,000 per annum—again, based on the previous tax return.
- You have entered into a building contract that is effective until the end of the current year for any of these situations:
- To build your principal place of residence with a property value no more than $750,000.
- To renovate your principal place of residence with a contract between $150,000 and $750,000; also, the value of the existing property must not exceed $1.5 million.
- The construction or renovation must start within three months of the contract date.
On the contrary, here are some projects that are not eligible for a HomeBuilder grant:
- Small projects such as minor renovations on a spare bedroom
- Adding an outdoor spa or pool to your home; building structures not physically connected to your principal residence
- Landscaping, painting, or re-carpeting
You must keep in mind that HomeBuilder grants are only meant for substantial renovations or those that improve the accessibility, safety, and liveability of your property.
Other Effects of the HomeBuilder Grant on Australia’s Economy
Aside from benefiting homeowners, this scheme also proves to be helpful for home builders and traders in the country. The cash bonus is meant to encourage people to buy more new homes or start working on renovation projects.
When more people are seeking construction businesses, jobs of small businesses and contractors increases. Moreover, this also boosts the performance of the cafes and pubs they frequent as well as the supply businesses they depend on. Ultimately, this catalyses the country’s economic recovery.
Working on construction or renovation projects can be tough, especially if you are struggling to gather the funds you need from your income alone. Fortunately, you can count on non-repayable grants such as the HomeBuilder to make your financial burdens at least a little lighter. However, to benefit from this, you must take note of the eligibility requirements mentioned above and prepare the necessary documents to support these.
As long as you fulfil these requirements and diligently submit other requirements, you’ll be well on your way to securing additional funding for your dream home.
At Balfour Homes, we provide a multifaceted home purchasing experience, and this is what makes us among the best building companies in Byron Bay. We help with everything from getting the right mortgage to finding the perfect piece of land and designing your dream home. Contact us for help with HomeBuilder Grant eligibility today!