HomeBuilder, what you need to know.
If you have been thinking about building a new home or carrying out an extension or renovation, now might be the time to meet with an AFG broker and work through your options.
The Federal Government’s new $680 million HomeBuilder program announced on 4 June 2020 makes available $25,000 grants to help build or substantially renovate your home.
How does the HomeBuilder program work?*
- The scheme is only available for contracts signed between 4 June 2020 and 31 December 2020
- Construction must commence within three months of the contract date
- It is means-tested
- Only available for principal place of residence
- Limitations on the kinds of renovations (sorry, no tennis courts) and subject to a total value cap
If you’re a first home buyer, there are a range of first home buyer and state government grants, stamp duty concessions and rebates as well as the federal First Home Loan Deposit Scheme and First Home Super Saver Scheme that are available and work in conjunction with the HomeBuilder grant.
Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. Information in this article is correct as of the date of publication and is subject to change.