$25,000 HomeBuilder Program: Everything You Need to Know

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There has never been a better time to build in Emerald. The recently announced HomeBuilder Program has gifted a ‘once in a lifetime’ opportunity, to see more people realise their home-ownership dreams.

The newly announced HomeBuilder Program, combined with historically low interest rates, existing grant schemes and stable house prices in the region, provides an extremely attractive opportunity for those wishing to build a new home. With the current land release in the highly-regarded Maranda Heights estate, Maranda Properties has refined a fantastic range of new Home & Land packages to offer contemporary living options to suit everyone – from first home buyers to growing families to retirees.

What is the HomeBuilder Program?

The HomeBuilder Program is a time-limited, tax free grant that will provide eligible home builders with a $25,000 stimulus contribution towards the cost of building a new home. The Federal Government announced the HomeBuilder Program to aid homebuyers and enhance the residential construction market through the Coronavirus pandemic.

Who is eligible for the HomeBuilder Program?

It has been some very welcomed news, to hear that the HomeBuilder program is not just limited to first home buyers. It is accessible to all new home builds, providing it meets the criteria below.

The HomeBuilder Program is also designed to complement existing state First Home Owner Grant programs, stamp duty concessions and other grant schemes, such as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.

To access the Homebuilder program for a new home build, you must meet the following eligibility criteria:

You are a natural person (not a company or trust)
You are an Australian citizen, aged 18 years or older
You do not exceed the following income caps
- $125,000 per annum for an individual, based on your 2018-19 tax return or later

$200,000 per annum for a couple, based on your 2018-19 tax return or later

You enter into a building contract to build a new house between 4 June 2020 and 31 December 2020. Construction must commence within three months of the contract date
The new house will be your principal place of residence and the property value (house and land) does not exceed $750,000

How can I apply for the HomeBuilder Program?

You will be able to apply for the HomeBuilder Program through your relevant State revenue office once the State Government signs the National Partnership Agreement. Acceptances of the HomeBuilder Program application will then be backdated to 4 June 2020.

As a newly announced program, details about the application process are still emerging. You can contact your State revenue office for further information or click here.