The federal government’s HomeBuilder Grant was announced on 4th June 2020 to help the residential construction market recover from the anticipated impact of Covid-19.
HomeBuilder is being implemented through a National Partnership Agreement with each individual state and territory government. Here in South Australia the $25,000 HomeBuilder Grant can be combined with the $15,000 First Home Owner Grant (FHOG) if the purchaser meets the eligibility criteria for both.
The eligibility criteria for HomeBuilder requires applicants to:
- Be a natural person (not a company or trust)
- Be at least 18 years of age at the time of entering the eligible transaction
- Be an Australian citizen at the time of application (permanent residents are not eligible)
- Not have previously received the HomeBuilder Grant in any other state or territory
- Meet the following income tests for the full financial year of either 2018-19 or 2019-20
- individual applicant: taxable income of less than $125,000
- couples: combined taxable income of less than $200,000
- Own the land at the time a contract is entered into to build, buy or substantially renovate your home, or become the owner of the land on completion of the contract to build or buy the home
Since the announcement of the HomeBuilder Grant, Adelaide builders are reporting a huge surge in interest and some builders have now closed their books as they struggle to keep up with demand.
The good news is that URB4N Apartments is one of the few apartment buildings in Adelaide to qualify for the HomeBuilder grant. If you are eligible for both the HomeBuilder Grant and First Home Owner Grant, you will save $40,000 on your new URB4N apartment.
Payment of the grant requires the purchaser or their financial institution to lodge an application with RevenueSA.
If you don’t require finance for your purchase, or you simply want to know more about the HomeBuilder Grant before approaching a lender, you are welcome to contact Constantine Pappas on 0423 047 020 with any questions you may have.