Home Builder Package
What is the Home Builder Package?
The Australian Federal government is providing grants of $25,000 for prospective new home builders as well as home owners wanting to renovate their existing home. The HomeBuilder Package can only be used to construct new or to substantially renovate existing properties.
The cash will be delivered through state revenue offices once building contracts are signed, with compliance also monitored by the states and territories.
To qualify
The Home Builder Package grants will be available to those building homes worth up to $750,000, or undertaking major renovations worth between $150,000 and $750,000 on existing properties valued at less than $1.5 million.
Home owners must be renovating their own house using licensed contractors and builders (not investment properties) and can include: extensions, kitchen or bathroom works. The renovations cannot include building of pools, tennis courts, sheds or garages or structures not connected to the house.
Owner Builders are ineligible for the scheme
The construction of a new home or renovation must be contracted to commence within three months of the contract date and
must enter into a building contract between July and December 2020 valued up to $750,000 including land.
Principal place of residence renovations can access the grants for renovations valued at between $150,000 and $750,000 with the home not valued at more than $1.5 million before the renovation.
Singles need to earn $125,000 a year or less based on a 2018/19 tax return or later, and couples need to earn under $200,000
FINANCE
Chocolate Money has access to a multitude of loans to help you build or renovate your principal place of residence.
These loans can be from your existing lender or from other bank / non-bank lenders.
Do not risk being declined by going directly to the bank during this very conservative lending environment.
Frequently asked questions about the Home Builder Package
Please find frequently asked questions about the package but should you wish to discuss the options specifically for your situation, contact Chocolate Money directly on 1300 137 539.
Assistance for First Home Buyers (snapshot)
HomeBuilder Package
First Home Buyers Grant (regional)
First Home Buyers Grant (Metro)
Federal Government Grant: $25,000 for new purchases & off-the-plan purchases
First Home Buyers Grant (Metro)
First Home Buyers Grant (regional)
First Home Buyers Grant (Metro)
Federal Government Grant: $25,000
VIC State Grant: $10,000
TOTAL: $35,000
First Home Buyers Grant (regional)
First Home Buyers Grant (regional)
First Home Buyers Grant (regional)
Federal Government Grant: $25,000
VIC State Grant: $20,000
TOTAL: $45,000
Vic Stamp Duty exemptions
Vic Stamp Duty exemptions
First Home Buyers Grant (regional)
First Home Buyers, no stamp duty paid up to $600,000
First Home Buyers, stamp duty concession on property valued between $600,001 and $750,000
First Home Deposit Scheme
Vic Stamp Duty exemptions
First Home Deposit Scheme
Federal Government Scheme to help first home buyers to purchase a property with only 5% deposit.
First Home Super Saver
Vic Stamp Duty exemptions
First Home Deposit Scheme
The First Home Super Saver Scheme (FHSSS) helps Australians boost their savings for a first home by allowing them to build a deposit inside superannuation, giving them a tax cut.