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Burbank Blog

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

Don't miss out on the $25K HomeBuilder Grant

01/10/2020


If you are thinking about taking the first step towards building a new home, you will have to be quick. With the $25K HomeBuilder Grant still available with only three months to secure your contract, plus other government grants, you could be well on your way to being a new home owner.

At Burbank, we have been building homes for over 35 years, and we hope the stimulus package gives people a helping hand to be able to start the exciting journey of building a new home.

Here is what you need to know about HomeBuilder…

What is HomeBuilder?

HomeBuilder is a time-limited grant program to help the residential construction market bounce back from the Coronavirus crisis.

For all people wanting to build a new home, the grant is $25,000, as long as the value of house and land doesn’t exceed $750,000 and this is on top of all existing State and Territory First Home Owner Grant Programs and stamp duty concessions. So, if you are eligible, it is a real boost.

Cut off dates and what you need to consider
To be eligible, customers need to enter into a signed building contract by December 31, 2020. And while that might feel like an age away, there is plenty of work to be done before you can sign your contract so you should not hold off the process... 
 
You will need to have your new home finance approval and your new home colours and selections chosen all before you can sign your contract. As for the builder, they will need to arrange soil testing, site surveys, plan drawing, estimating, building approvals and council applications for your new build.
 
This means the time to act is fast closing to allow all of these items to be figured out, so it is best to begin speaking with a New Home Consultant as soon as possible.
 
Eligibility criteria
 
You are eligible for the $25,000 HomeBuilder Grant if you are building a new home, even if you are not a first home buyer.
The Australian Government outlines the specific additional criteria as:

  • 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 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, with renovations valued at
    • between $150,000 and $750,000 with the dwelling not valued at more than $1.5 million before the renovation;
  • Construction must be contracted to commence within three months of the contract date.

 
How to apply
 
The application process is managed by the State or Territory Government that you live in, or plan to live in. Head to https://bit.ly/3mMgTh7 for more information, from this webpage you can be redirected to the right pages to see the guidelines and download the application forms to start the process.
 
We highly recommend using a financial expert to guide you through the process and we can arrange a free consultation with a mortgage broker from one of our Finance partners.
 
Speak to one of our friendly sales consultants and start your journey with us.