HomeBuilder: How to get up to $25,000 for your home
22 July, 2020
The Australian Government’s HomeBuilder grant program aims to generate economic activity during the downturn caused by coronavirus. It is a great opportunity for home owners to access additional funds for a renovation project or to build a new home.
The $680 million program will create extra work for trades, suppliers and other businesses in home building and renovation.
This includes painters, carpenters, builders, architects, plumbers, electricians, interior designers, plasterers, interior stylists and more. As well as suppliers of flooring, paint, windows, doors, bedding, lounge and dining furniture, bathrooms, kitchens and other retailers.
WHO IS ELIGIBLE FOR THE HOMEBUILDER GRANT?
HomeBuilder provides owner-occupiers (including first home buyers) with a grant of up to $25,000 to build a new home or renovate an existing home. This applies to contracts signed between 4 June 2020 and 31 December 2020. Construction has to start within three months of the contract date.
The Australian Government updated its criteria for the HomeBuilder grant program in November 2020. For contracts signed between 1 January and 31 March 2021, the grant will be reduced to $15,000. And the deadline for submitted applications has been extended to 14 April 2021 for all contracts signed on or after 4 June 2020.
The main eligibility criteria relates to the contract dates, the value of the development and your household income.
Your taxable income must be less than $125,000 as an individual or less than $200,000 for a couple in 2018-19. And if you’re building a new home, the house and land must be worth less than $750,000. If you’re renovating, the project must cost between $150,000 and $750,000.
The updated eligibility criteria announced in November 2020 includes an increased price cap on the program for homes in NSW and Victoria. In NSW it is increased to $950,000 and in Victoria it is $850,000.
The Australian Government has a fact sheet with all of the information about eligibility criteria for the HomeBuilder scheme.
WORK WITH EXPERTS TO GET VALUE FROM HOMEBUILDER
As our lead interior stylist, Lauren is already getting enquiries from people about how the program works. Home owners also want to know how to spend the HomeBuilder grant wisely.
So if you’re renovating, this additional $15,000 – $25,000 from the HomeBuilder Grant Program could be put towards higher quality finishes. You could also hire an expert, such as an interior stylist, to help develop a coherent look for your renovation.
Using an interior stylist for a HomeBuilder renovation or new build will save you time and money. Firstly, an interior stylist can help choose the right finishes in a house and land package development or an architect-designed home. Secondly, they can coordinate trades to ensure they meet the brief and build to your specifications.
Overall, you waste less time chasing trades and worrying about colour, style and building product selections. And you won’t spend money on selections you later regret that add to the budget.
WHAT DO THE EXPERTS SAY ABOUT THE HOMEBUILDER GRANT PROGRAM?
We asked Domain National Editor Alice Stolz about the HomeBuilder grant program. She says it will give some people the extra confidence they need to invest in a building or renovation project.
“They’re not wanting you to do your own DIY. They’re saying they want you to substantially improve your property and demanding that you do it to a certain level and a certain quality,” Alice said.
“It gives a lot of people the ability to work with an interior designer or an architect to begin thinking more holistically about their approach.
“I think $25,000 can also be a great thing to say ‘I actually will knock down that wall to create a bit more space or combine my living and dining area’. For some people it might be to use a beautiful finish. Or maybe to add a second bathroom where they may have a baby on the way.
“You can also layer this scheme with other packages the government has offered. When you add it all up, especially for first home buyers, you can actually be stacking up quite a lot of ‘coupons’ from the government. That can be advantageous.”
HOW DO I APPLY FOR A HOMEBUILDER GRANT?
The HomeBuilder grant program is available to all Australians and is administered by the states and territories. All states and territories have now signed up are releasing information about the application process.
Some states, including Western Australia, also have their own home building grants. The Building Bonus grant program in WA offers $20,000 towards new homes on vacant land or for some off-the-plan strata purchases.
NEED HELPK WITH YOUR HOMEBUILDER PROJECT?
If you’re looking for an interior decorating company or interior styling service, you’ve come to the right place!
Our founder and lead interior stylist Lauren Keenan can help you take advantage of the HomeBuilder Grant Program.
We can take the fuss out of the planning and delivery process. We can help take your renovation project or knock-down rebuild to the next level. And importantly, we can help you create a home you love. Get in touch now.
Cover image North Avoca House by Savio Parsons Architects via The Local Project
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