BURBANK BLOG

A few home truths about building a home and all that surrounds it.

What you need to know about the new Government Cash Grants

05/06/2020


What is it?

HomeBuilder is a new Government grant that is effective from the 4th of June 2020 until 31st of December 2020. It has been introduced to give Australians additional financial support to help them build their dream homes.

How much can I save?

The HomeBuilder Grant will offer $25,000 of grants for those eligible. Plus, all existing State and Territory First Homeowner Grant Programs and stamp duty concessions - so if you are eligible, it is going to be a real boost!
See below what savings you may be entitled to:
  VIC NSW ACT SA QLD
HomeBuilder Grant $25K $25K $25K $25K $25K
First Home Buyer Grants
 
Metropolitan areas = $10K on home worth up to $750,000

Or

Regional areas = $20K on home worth > $750,000
$10K on home worth up to $750,000

 

N/A $15K on home worth up to $575,000 $15K if home worth up to $750,000

How do I get it?

We are here to help you every step of the way. We have exclusive partnerships with Finance partners and can offer you a free consultation with a home loan expert. Call 13BURBANK or talk to one of our New Home Consultants who can set up your appointment today.

But hurry, appointments are filling fast!

Am I eligible?

To access the HomeBuilder Grant you 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 must enter into a building contract between 4 June 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, where the renovation contract is between $150,000 and $750,000 and where the value of your existing property does not exceed $1.5 million;
  • construction must commence within three months of the contract date.

Is it just for First Home Buyers?

No, it's not! It is open to all people looking to build their dream home, as long as they fit the criteria above.

To find our more or start your application contact us today!

Call us on 13BURBANK or visit us at one of our Display Homes where you can chat to one of our team of experts.