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Homebuilder Scheme: A Brief Overview

Are you a first home buyer looking to purchase or build your dream home? The HomeBuilder scheme is a newly announced scheme by the government in light of the current economic situation, designed to help people buy or build their first home. With guidance from our expert team of brokers, we can help you secure the HomeBuilder scheme and get you one closer to your dream home.

Overview

In a nutshell, the HomeBuilder scheme will award current homeowners as well as first home buyers, $25,000 to build a new home or significantly renovate an existing home between the 4th of June and the 31st of December 2020. The construction contract needs to be signed within those dates and construction needs to begin within three months of the contract dates.

Homebuilder is intended to complement existing home grants and schemes rather than work separately to them so you can apply and receive multiple grants for your newly built or renovated home. This includes stamp duty concessions, First Home Owners Grants, The First Home Super Saver Scheme and The First Home Loan Deposit Scheme.

A key takeaway from the eligibility criteria is here is that homes being built or renovated for investment purposes do not qualify for HomeBuilder. The home needs to be or going to be owner occupied.

The HomeBuilder grant is potentially a boon if you’re looking to renovate your home or construct a new one so it is worth talking to one of our brokers to see if you’re eligible and to ensure you receive it.

Our mortgage brokers can help you with your HomeBuilder application, construction loans, financing your renovation and answer any questions you may have throughout the whole process. If you would like to learn more, please get in touch with us today