We have had a few customers call and inquire about the newly released HomeBuilder Grant! Whatever your plans, some of our customers will certainly benefit from the grant, however there are some specific guidelines around who is eligible and what you can and cannot do. It is also important to note that this grant has not been finalised as yet by the QLD government, however it is likely the online application form for the grant will be available early August.
Now let’s have a closer look at the HomeBuilder Grant to see who’s eligible and the guidelines surrounding it.
Who is Eligible:
- You must be at least 18 years of age. (Companies and trusts cannot apply.)
- You must be an Australian citizen (i.e. you have the right to vote in Australian elections).
- Your 2018–19 or 2019–20 annual taxable income must be below:
- $125,000 for an individual
or - $200,000 for a couple.
- $125,000 for an individual
- The home will be your principal place of residence straight after construction or settlement and you will reside there continuously for 6 months.
- The contract is signed between 4 June 2020 and 31 December 2020 to:
- build a new home valued at $750,000 or less (house and land)
- substantially renovate an existing home, where
- renovations cost between $150,000 and $750,000
and - value of property (house and land before renovation) is less than $1.5 million
- renovations cost between $150,000 and $750,000
- buy an off-the plan or new home valued at $750,000 or less and construction had not started before 4 June 2020.
- Construction must commence within 3 months of the contract date.
- The applicants must be listed on the title for the property as registered owners.
What documents will you likely need to apply:
- Your ATO income tax assessment notice for either the year ended 30 June 2019 or 30 June 2020
- Australian birth certificate, Australian passport or Australian citizenship certificate
- Identification with photo (e.g. Australian driver licence, Australian proof of age card)
- Contract, signed and dated by all the parties
- Registration confirmation statement that shows the applicants listed on the title as registered owners
- Final inspection certificate
The amazing thing for First Home Buyers who are building their first home – you may also be eligible for the First Home Owner grant! That’s essentially $25,000 from the Federal Government PLUS $15,000 from the QLD government. That’s $40,000 total in grants!
Arranging finance can be stressful, especially with some lenders now taking extra steps including going through your living expenses and credit scoring (ouch!). And sometimes banks can make you feel like ‘just a number’. That’s why we want to do things differently: because you deserve better.
As a local family-owned business, our team takes the time to listen, answer your questions and make getting your home, car or equipment loan as easy as possible.
