Grants of $25,000 will be available for Australians who carry out substantial renovations to their existing home or build a new home where the contract is signed between 4 June 2020 and 31 December 2020.
The Commonwealth has announced that the HomeBuilder grant scheme had been extended to provide a $15,000 grant to contracts entered into between 1 January 2021 and 31 March 2021. The application closing date has also been extended to 14 April 2021 for all contracts. See the media statement (29 November 2020).
The grants are subject to certain conditions including
- construction must be contracted to commence within three months of the contract date
- eligible applicants must fall under income caps of $125,000 for singles and $200,000 for couples
- the cost of building a new home cannot exceed $750,000 and
- a renovation price range of $150,000 up to $750,000 will apply to renovating an existing home with a current value of no more than $1.5 million.
- See information about the eligibility criteria and how to apply for the grant.
- See the Treasury Coronavirus Economic Response website for a fact sheet and answers to frequently asked questions.
- See the Commonwealth Treasurer's media statement
- See the Minister for Finance's media statement