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Australian Government Stimulus Package – What to know about the HomeBuilder Program

Did you know the Australian Government is now giving grant money to assist in renovations and new builds through its HomeBuilder program? You could be a first-time home buyer, or you may wish to renovate the home you have. The program is aimed at supporting local businesses in each state and territory. Below are the basics of the program offered through the Australian Government’s stimulus package. 

 

About the HomeBuilder Program

The HomeBuilder program provides eligible individuals or couples with $25,000 to build or substantially renovate their first home. It’s all part of the Government stimulus package to help boost the economy after the outbreak of COVID-19. The HomeBuilder program is open to owner-occupiers, including first-home buyers. 

 

Eligibility

You must meet all the eligibility requirements below in order to apply. They are:

  1. Personhood status:You must be a real person — not a trust or a company. 
  2. Citizenship:You are required to be an Australian citizen.
  3. Age requirements:You must be 18 years or older. 
  4. Income gaps:You must meet one of the two following income gaps:
  • You make no more than $125,000 a year as an individual applicant, based on your taxable income from 2018-2019 or later; OR
  • As a couple, you meet the $200,000 per year gap based on your combined taxable incomes from 2018-2019 or later.  
  1. Contract terms:You must enter into a building contract between June 4, 2020, and December 31, 2020. During that time, you have to complete one of the following actions:
  • Build a new home that will serve as your principal residence. The property value of the home cannot exceed $7500,000; OR
  • Perform substantial renovations to your existing home that serves as your main residence. The renovation contract must fall between $150,000 and $750,000. The value of your existing property, including both house and land, cannot exceed $1.5 million in worth before renovations take place.

 

Application process

How to apply

Apply for the program through your state or territory revenue office. You’ll find the contact information for your specific revenue office on the Treasury HomeBuilder website

The deadline for submitting your Homebuilder application is December 31, 2020. Remember: You must also enter into a building contract between June 4, 2020 and December 31, 2020, and construction must start within three months of your building contract date. For more information on how to apply and any eligibility requirements, see this HomeBuilder Fact Sheet. Also, here are some frequently asked questions about the program. 

 

Looking to Build A New Home?

If you are set on building the home of your dreams, why not take some time to familiarise yourself with some fantastic resources from Versalite Windows. For a style you can afford – consider supporting a local business, our jobs and the future of local manufacturing. We are proud of our product range and our many valuable resources including articles on:

window selection makes an impact

When You’re Ready To Renovate:

While you take advantage of the HomeBuilder program, consider updating your windows and doors as part of your renovation. Versalite Windows can help! Established in 1977, we’re Australian owner-operators and the proud recipient of three Australian Design Awards by the Design Council of Australia. Our custom-made products include:

Bifold vs Sliding doors - what is better for your home?

Each of our high-quality windows and doors are low-maintenance and have a distinctive style. Choose the right windows and doors that reflect your way of life! For more information on our distinctive product line, please contact Versatile Windows.