Everything You Need to Know About the Government’s HomeBuilder Grant
The Federal Government has announced yet another benefit to buying off the plan, offering a $25K bonus to those who purchase a property before construction starts. Updated: 29 November 2020
The Federal Government has announced yet another benefit to buying off-the-plan, offering a $25K bonus to those who purchase a property before construction starts and sign their contract before December 31 2020. On March 29, the Federal Government announced an extension to the scheme; while the $25K bonus is still only available until the end of 2020, a $15,000 grant will be available for contracts signed between 1 January 2021 and 31 March 2021, inclusive.
The limited-time HomeBuilder scheme will provide eligible buyers with a grant to put towards their new home, bolstering the already sizeable list of benefits associated with buying property off-the-plan.
Here’s what else you need to know: if you’re buying by yourself, you’ll need to earn less than $125,000 a year to access the HomeBuilder boost. And if you’re buying as a couple, your combined income needs to be less than $200,000 a year.
Additionally, if you are planning on using the $25K boost before the end of 2020 the value of the property must not exceed $750,000. However, if you are using the $15K boost between 1 January 2021 and 31 March 2021, then the value of the property must not exceed $850,000.
The property must be your primary place of residence, however, it doesn’t have to be your first home; next-home buyers are eligible, too.
If you are a first home buyer, you can combine the HomeBuilder boost with the $10,000 First Home Owner Grant, effectively saving you up to $35,000.
These grants are on top of stamp duty concessions and exemptions that could also save you thousands more depending on the value of your first home. And for a limited time, it's not just first home buyers who can save on stamp duty, with the Victorian Government announcing 50% stamp duty savings on properties valued under $1M until 30 June 2021.
Finally, your contract must be signed after 4 June 2020 and before the relevant deadlines. Architecturally-designed HOME By Caydon ticks all the boxes; located just 6.5km northeast of Melbourne’s CBD in leafy Alphington, and set to begin construction this July.