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2020-06-08 Industry News
Author: Satterley

Want $25k to build a home? Federal Government announces HomeBuilder grant

Exciting news for Australian homebuyers. The Federal Government has announced its HomeBuilder package, a $25,000 tax-free grant available to eligible owner-occupiers who build a new home or undertake a substantial renovation from 4 June until 31 December 2020.

This $688 million scheme will help create immediate jobs, get tradies back to work in the housing sector and stimulate the economy.

Satterley Chief Executive Nigel Satterley said now really was the right time to build a home or get that house and land package deal.

“It’s great to see this open to all buyers, not just first homebuyers,” he said.

“A $25,000 grant will greatly assist those entering the market for the first time but also those wanting house and land, with an alfresco or backyard.”

“Now you can buy where you perhaps couldn’t afford before, purchase a larger block or now be able to have that larger kitchen or build a larger home,” he added.

To be eligible, singles must earn less than $125,000 a year or $200,000 per couple.

Construction of a new home or substantial renovation must be contracted to commence within three months of the contract date.

Satterley has titled land ready and available now in various communities across Australia so you can take advantage of this time-limited grant.

The Federal Government has also put measures in place to avoid large inflations on price to avoid builder and developer price gauging.

“Buyers can be further assured that this very much welcomed grant will be used as its intended,” said Mr Satterley.

“I congratulate the Government for including measures to stop artificial price hikes.”

“It’s important that our customers buy with confidence and feel assured that they are getting use out of the grant and the best deal possible.”

“I encourage people to shop around, buy land with a reputable developer that delivers quality communities, and from a trusted builder.”

This year Satterley celebrates 40 years in the property industry and is Australia’s largest residential private land developer. It creates award-winning communities in Western Australia, Victoria and Queensland.

Now is the perfect time to make a Satterley community your new home

Want to know more?

When can I access the $25,000 grant?

HomeBuilder will be available for building contracts signed between 4 June 2020 and 31 December 2020, where construction or renovation commences within three months of the contract date.

How do I apply?

You will be able to apply for the HomeBuilder Grant through your relevant State or Territory revenue office or equivalent authority, once the State or Territory Government that you live in (or plan to live in) signs the National Partnership Agreement.

States and Territories will backdate acceptance of HomeBuilder applications to 4 June 2020 once the National Partnership Agreement is signed. You should contact your relevant State or Territory revenue office for more information about when and how you will be able to apply for HomeBuilder.

Eligibility

  • To access HomeBuilder, owner-occupiers must meet the following eligibility criteria:
  • you are an individual, not a company or trust.
  • you are aged 18 years or older.
  • you are an Australian citizen.
  • you meet one of the following two income caps:
    • $125,000 per annum for an individual applicant based on 2018/19 tax return or later: or
    • $200,000 per annum for a couple based on your combined on 2018/19 tax return or later.
  • you enter a building contract between 4 July 2020 to 31 December 2020 to either:

build a new home as a principal place of residence valued up to $750,000 (including land); or

  • substantially renovate your existing home as a principal place of residence, with renovations valued at between $150,000 and $750,000 with the dwelling not valued at more than $1.5 million before the renovation.
  • construction must be contracted to commence within three months of the contract date.

The initiative will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.

Further information can be found on the Australian Government’s Treasury website or feel free to contact a Satterley Estate Manager to help guide you through the process. Visit our individual estate pages for the relevant contact information. 

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