- The best part is that this grant can only be availed by owner-occupiers including the first home buyers and not by investors or builders.
- You must be an Australian citizen aged 18 years or older, with an income less than $200,000 for couples and $125,000 for singles.
- For your new home, the value of the property should not exceed $750,000.
- For renovation of your existing home the contract of renovation should be between $150,000 to $750,000.
- The Home Builder Grant is eligible to be availed by all dwelling types including land and house packages, apartments, off-the-plan purchases, the only condition that persists is the owner builds a new house or renovates an existing house, considering that the income eligibility test is met.
- The building or renovation contract must be signed from June 4, 2020 to December 31, 2020, and the construction or renovation should initiate within three months of the date of the contract.
The program is expected to provide around 27,000 grants by 31 December 2020 at a total cost of around $680 million.
This grant includes first home buyers from availing other grants too, like First Homeowner grant, stamp duty concessions, First Home Loan Deposit scheme and First Home Super Saver Scheme.
In Victoria you generally get the same benefits as the other states. You will get between $10,000-$20,000 under the State First Homeowner Grant, while the scheme for Commonwealth First Home Loan Deposit allows you a deposit of up to $10,000. With the HomeBuilder Grant, you can avail up to $45,000.
If you are planning your future with Coburns Rise, this is the right time to make a decision that could be a step towards fulfilling your dream of building your dream home.