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All you need to know

Housing Stimulus Package

Housing Stimulus | Homebuilder

The Federal Government will give eligible Australians $25,000 to build their dream home, in an effort to boost demand in the construction sector and keep builders employed.

Key Points

  • The scheme will give $25,000 grants to eligible homeowners (see criteria below)
  • Eligibility to Homebuilder will be be restricted to substantial renovations and the construction of new homes, with recipients required to spend at least $150,000 before being eligible.
  • The grants will be means-tested (see below for criteria)

Criteria

  • Owner-occupiers must apply as individuals not a company or trust
  • Be over 18 and an Australian Citizen
  • Meet income cap  (individuals earning, $125,000, couples earning < $200,000
  • Spend at least $150,000 on the contracted build
  • $25,000 grants to eligible individuals who enter into a building contract between 4/6/2020 and 31/12/2020
  • Building a new residence as a principal place of residence valued up to $750,000 including land
  • Building work must be undertaken by a licenced builder who cannot be a relative of the property owner.

The Government is requiring that all eligible builders be licensed or registered before the Government's announcement, keeping the timeframe for the scheme to six months, and having tighter eligibility for the program.

The scheme will not apply to investment properties or owners who intend on building or renovating on their own without the help of builders.

More information   

Click here for WA New home Construction Grant information ($20,000) 

Two grants are available to promote investment in the WA residential market and stimulate jobs in the construction industry.

 A grant of $20,000 is available for eligible applicants who

  • enter into a contract to build a new home on vacant land or
  • enter into an off-the-plan contract to purchase a new home as part of a single-tier development on a strata plan or other land survey type.

The contract must be entered into between 4 June 2020 and 31 December 2020.

STOP PRESS!  Updates on timings for WA New Home Construction Grant

The changes will see deadline extensions made to the titling of land and home construction commencement. The new key dates are:

  • Land developers now have until 31 December 2021 to title land.
  • Home builders now have until 31 December 2021 to commence significant site works.
  • Building contracts will still need to be signed by 31 December 2020.

What this means for you?

  • Having more time to title land means that Satterley will have more available lots for sale across its developments.
  • Having more time to start construction means that builders will be able to better manage increased demand and therefore take on more home building projects.
  • It is important to note that the timing of the Australian Government $25,000 HomeBuilder grant remains unchanged and construction will need to commence within three months of signing the building contract.

Read the Government media release here (20 October 2020)

First Homeowners Grant (WA) 

First homebuyers can also access the First Home owner grant of $10,000 in WA

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