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Can these people receive double the “HomeBuilder Grant”? Up to $55,000! Varying Rules in Different States, See How Much You Can Receive

 

According to the Australian News Group, on June 4th, Australian Prime Minister Morrison announced the HomeBuilder Grant program, which allows eligible Australians to apply for a grant of $25,000 to build a new home or renovate an existing one.

Morrison stated, “Now is the time to get the building industry out of the recession caused by the pandemic. This program is not only aimed at helping Australians achieve their dreams but also at creating employment opportunities for over a million workers in the industry.” However, an analysis by the Australian News Group found that first-time homebuyers may be able to receive more money when combined with incentives already provided by the federal government or their respective states and territories. This means that in some states or territories, people purchasing their first homes may receive a grant of up to $55,000, which is more than double the HomeBuilder Grant.

First, you need to know that not everyone is eligible for the HomeBuilder Grant. Only individuals with annual incomes below $125,000 or couples with incomes below $200,000 can apply for the grant. This grant can be used for the construction of new homes valued up to $750,000 or renovation projects valued between $150,000 and $750,000, meaning that the property value must not exceed $1.5 million. The grant cannot be used for investment properties or for the construction of standalone structures such as swimming pools, tennis courts, outdoor spas, saunas, sheds, or garages. However, if you are a first-time homebuyer, you may be able to receive more money. Why? Because you can take advantage of the first homebuyer grants provided by various states and territories. Additionally, there is the federal government’s 5% deposit scheme.

So, how much money can you receive as a first-time homebuyer?

1. Tasmania (TAS)

First Home Owner Grant in TAS: Up to $20,000

Federal Government’s 5% Deposit Scheme: Up to $10,000

When combined with the HomeBuilder Grant, how much can you receive in total? Up to $55,000

Are there any conditions?

Can be used for new or off-the-plan homes.

Anything else to know?

When the property value is below $400,000, a 50% discount on property transfer duty is provided by the TAS government.

2. Northern Territory (NT)

First Home Owner Grant in NT: $10,000

Federal Government’s 5% Deposit Scheme: Up to $10,000

When combined with the HomeBuilder Grant, how much can you receive in total? Up to $45,000

Are there any conditions?

None

Anything else to know?

NT provides many subsidies, incentives, and discounts for homebuyers, so you may be able to receive more grants.

3. Australian Capital Territory (ACT)

First Home Owner Grant in ACT: None, replaced by the Home Buyer Concession Scheme

Federal Government’s 5% Deposit Scheme: Up to $10,000

When combined with the HomeBuilder Grant, how much can you receive in total? Up to $35,000

What is the Home Buyer Concession Scheme?

First-time homebuyers with incomes below $160,000 are exempt from paying stamp duty. This concession applies not only to new homes but also to existing homes and vacant land.

4. South Australia (SA)

First Home Owner Grant in SA: $15,000

Federal Government’s 5% Deposit Scheme: Up to $10,000

When combined with the HomeBuilder Grant, how much can you receive in total? Up to $50,000

Are there any conditions?

None

5. Western Australia (WA)

First Home Owner Grant in WA: $10,000

Federal Government’s 5% Deposit Scheme: Up to $10,000

When combined with the HomeBuilder Grant, how much can you receive in total? Up to $45,000

Are there any conditions?

Applies to homes valued at $750,000 or less, except for areas north of the 26th parallel where the value can reach $1 million.

6. Queensland (QLD)

First Home Owner Grant in QLD: $15,000

Federal Government’s 5% Deposit Scheme: Up to $10,000

When combined with the HomeBuilder Grant, how much can you receive in total? Up to $50,000

Are there any conditions?

Applies only to homes valued at $750,000 or less.

7. Victoria (VIC)

First Home Owner Grant in VIC: $10,000-$20,000 (Urban areas: $10,000, Regional areas: $20,000)

Federal Government’s 5% Deposit Scheme: Up to $10,000

When combined with the HomeBuilder Grant, how much can you receive in total? Up to $45,000-$55,000

Are there any conditions?

Applies to homes valued at $750,000 or less and constructed within the past 5 years.

Anything else to know?

First homebuyers with properties valued between $600,000 and $750,000 will receive stamp duty concessions.

8. New South Wales (NSW)

First Home Owner Grant in NSW: $10,000

Federal Government’s 5% Deposit Scheme: Up to $10,000

When combined with the HomeBuilder Grant, how much can you receive in total? Up to $45,000

Are there any conditions?

Applies to new homes that have not been previously occupied and are valued at $800,000 or less.

Anything else to know?

Homes valued at $800,000 or less may be eligible for full or partial stamp duty exemptions.

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