Building Bonus Grants

ARE YOU INTERESTED IN THE NEW BUILDING BONUS GRANTS?

Two $20,000 State Government building bonuses are available for the residential market to stimulate jobs in the construction industry. Eligible applicants must enter into a contract to build a home on vacant land or enter into an off-the-plan contract to purchase a new home as part of a single-tier strata scheme.

 

Building a new detached home

$20,000 will be paid to eligible applicants who construct a new home on vacant land. You must be the registered owner of the vacant land where you will be building the new home and it will be paid to all registered owners unless written authorization has been provided by all owners for it to be paid to someone else.

Only one grant will be paid in relation to each lot of vacant land, regardless of the amount of home being built on the land.

Eligibility:

  • The new home built must be a detached residence – it cannot be for mixed, commercial or short stay use and cannot share wall or roof structures with another building.
  • The grant is not available to an already established home on the land that is not being demolished. If the home on the land is set for demolition the grant will be paid after the home has been demolished.
  • The building contract must be in the name of the registered owner – unless you provide evidence that there is a bona fide agreement in place.
  • You must provide evidence that construction has commenced which is when the laying of the foundations for the home is complete which is when you can apply for the grant.
  • You must apply for the grant by 30 June 2021.

The grants accessible are available for owner-occupiers and investors, Australian citizens and foreigners, natural persons, corporations and trustees. The intention of the grants is to stimulate the buyer’s market and provide an incentive for eligible people to enter into the Australian property market. There is no cap on the purchase price or value of the contract and if you receive one of these grants you are still eligible for the first home buyers grant.

 

Building a new home on a single-tier development

$20,000 is available to eligible applicants who enter into an off-the-plan contract to purchase a new home in a single-tier development on a strata plan or other land survey type before development is complete. The houses can be detached or not detached.

Eligibility:

  • You must be the registered owner of the land which the new home is being built.
  • You must be the buyer named in the off-the-plan contract or an eligible transferee.
  • One grant will be paid in relation to each dwelling.
  • The home to be constructed must be part of a single-tier development as defined in section 3(1) of the Strata Title Act 1985 or other land survey types such as a deposited plan.
  • The contract cannot be a replacement transaction. If you entered into a building contract prior to June 4 your grant application may be rejected.
  • It cannot be part of a multi-tier development.
  • It cannot be for a completed dwelling that is held by the developer or someone else.
  • It cannot be for refurbished developments, including those where the original property is extended or renovated.

 

Homebuilder Scheme

Homebuilder provides eligible owner-occupiers, including first home buyers, with a $25,000 grant to build a new home or substantially renovate an existing home. This grant will assist the residential construction market by encouraging the construction of new homes and renovations.

Homebuilder applications will come into effect when the relevant State or Territory Government sign the National Partnership Agreement with the Commonwealth Government. The information on how to apply will be provided in due course.

 

 

Frequently Asked Questions

 

FAQ’S
First Home Owners Grant
WA New Home Construction Grant
Federal Homebuilder Grant
Australian, NZ or Permanent Resident YES YES Australian Citizen
Am I eligible for more than one grant? YES YES NO
Can I access the same grant multiple times? NO YES NO
I already own land but haven’t signed a building contract – am I eligible? YES YES YES
Can I use it for an investment property? NO YES NO
Is there a price cap on the property/home value? YES (720K) NO

YES

(For construction between $150k-750k and finished product can’t exceed $1.5mil)

Are First Home Buyers eligible? YES YES YES
Is it WA based only? YES YES NO
How much is the grant? $10,000 $20,000 $25,000
Can I get any of these grants combined? YES YES NO
How long will the scheme operate? Ongoing Must enter into a contract before December 31, 2020 Must enter into a contract before December 31 2020, and commence building within three months
Do I need to be living in WA? YES NO (But the property has to be in WA.) NO
When does construction need to start? N/A Within six months of entering into the building contract Within three months of the contract date
Do I need to live in the home to access the grant? YES NO YES
HOW CAN WE HELP?

Walk you through the process

Government incentives and grants are a great opportunity but it can be overwhelming if you don’t know how to access them. We offer obligation free assistance to assess your current situation to see if you’re eligible.

Assist with the application process

The application process can be long, confusing and difficult for some, that’s where we come in. We can help you complete all the necessary documents, ensuring you complete the process right the first time and making the process as smooth as possible.

Explain all the costs

Although there are government grants available to assist you financially, there are still hidden costs when building and renovating your home. We help you along the way so there are no nasty surprises!

Receive all grants available to your situation

With the grants announced, you may not be eligible for only one! We can help assess what you’re eligible for and assist with the success of your application.

FAQ
COMMON QUESTIONS REGARDING HOMEBUILDER SCHEME

To access HomeBuilder, owner/occupier applicants must:

• be a natural person (not a company or trust);

• be aged 18 years or older on the contract date;

• be an Australian citizen;

• be below one of the following two income caps: $125,000 per annum for an individual applicant based on their 2018-19 taxable income or later; or $200,000 per annum for a couple based on their combined 2018-19 taxable income or later.

  • enter into a contract from 4 June 2020 up to 31 December 2020 to either: build a new home as a principal place of residence, where the property value (i.e. house and land) does not exceed $750,000; or substantially renovate an existing home as a principal place of residence, where the renovation contract is greater than $150,000 and does not exceed $750,000, and where the value of the existing property (i.e. house and land, before renovation) does not exceed $1.5 million.

You will be able to apply for HomeBuilder through your relevant State or Territory revenue office or equivalent authority, once the State or Territory Government that you live in (or plan to live in) signs the National Partnership Agreement.

States and Territories will backdate acceptance of HomeBuilder applications to 4 June 2020 once the National Partnership Agreement is signed.

You should contact your relevant State or Territory revenue office for more information about when and how you will be able to apply for HomeBuilder.

HomeBuilder is being implemented in partnership with States and Territories. For new builds, grants will be paid in line with the timing of payments for first home owner grants or at the discretion of your State and Territory if there is no first home owner grant schemes in place. For substantial renovations, grants will be paid once at least $150,000 of the contract price has been paid in respect of the renovation.

Calculators

Book an Appointment



Relevant Blogs