How You Can Take Advantage of the Government’s New $25K HomeBuilder Boost

Jun 04, 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. 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 $1million 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. 

 

Woman gazing from rooftop pool at HOME by Caydon towards Melbourne CBD

Artist's impression: Rooftop Pool at HOME By Caydon

There are also eligible apartments in our recently released Due North project. Located in the hive of Preston South, live large in architecturally designed 1, 2 and 3 bedroom apartments. Splash, sweat and entertain on the rooftop, as you soak in the stunning Melbourne views from the pool, outdoor gym and entertainment booths with BBQs.

 

Due North Apartment 2 Bed Living with dog Render

Artist's impression: Apartment at Due North
The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. We make no warranty as to the accuracy, completeness or reliability of the information, nor do we accept any liability or responsibility arising in any way from omissions or errors contained in the content. Caydon recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.