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$45K for First Home Owners

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Great news for home builders and home buyers this week, with the $5,000 Regional Home Building Boost Grant announced yesterday.  The grant is part of the stimulus package intended to stimulate the Construction Industry on the back of the COVID-19 pandemic.

This new grant is available to all home builders or buyers and if you are a First Home Owner it may seem like a $45K lottery win.

There are several grants available & some can be combined.  Here’s an outline of what is available.

Living room and deck of new home in Cairns

$5K Regional Home Building Boost Grant

  • $5,000 grant for home buyers or home builders – not just First Home Owners
  • Must be purchasing a new home or substantially renovated home
  • Must be in a regional area (Cairns included)
  • You need to be 18+ & an Australian Citizen
  • You or your spouse cannot have received a previous Regional Home Building Boost grant
  • You must be buying or building a new home
  • The value of the house and land must be less than $750,000
  • You must move in and make the home you principal place of residence for at least  6 months
  • Contracts must be entered into before 31st December 2020

$15K First Home Owner's Grant

  • $15,000 grant for First time home owners
  • Must be building or purchasing a new home or substantially renovated home less than $750,000.
  • You need to be 18+ & an Australian Citizen
  • You or your spouse must not have previously owned property in Australia that you have lived in
  • You must move in and make the home you principal place of residence for at least  6 months

$25K HomeBuilder Grant - New Home Construction

  • $25,000 grants are available to people building their new, owner-occupied residences
  • The value of the build (or house and land package) cannot exceed $750,000 to be eligible
  • You don’t have to be a first home buyer to access the grant.
  • A first home buyer may also be eligible for the $15,000 First Home Owners Grant, the $5,000 Regional Building Boost Grant, making a total of $45,000 available
  • You’ll need to meet an income criteria caps – under $125,000 for an individual or under $200,000 for a couple.
  • The contract for building needs to be between 4th June 2020 – 31st December 2020.
  • Construction must commence within 3 months of the contract date.

$25K HomeBuilder Grant - Renovations

  • $25,000 grants are available to people substantially renovating their principal place of residence.
  • The value of the existing property must not be more than $1.5 million
  • The renovation contract must be within the price range of $150,000-$750,000
  • Construction of tennis courts, pools or sheds are ineligible.
  • You’ll need to meet an income criteria caps – under $125,000 for an individual or under $200,000 for a couple.
  • The contract for building needs to be between 4th June 2020 – 31st December 2020.
  • Construction must commence within 3 months of the contract date.

$11,250 Household Resilience Program

  • You must be the owner-occupier of a home built before 1984
  • This is a regional grant and includes Cairns
  • Grants are for specific home improvements to improve the resilience of homes during a cyclone & include
    • New external solid core doors
    • External structures like upgrading roof structure to sheds and carports
    • Replacing non-compliant garage doors with cyclone rated doors
    • Upgrading roofing with an over-batten system
    • Roof replacement
    • Window protection using cyclone rated screens or shutters
  • Approved applicants must make a minimum $25% co-contribution toward the approved program works
  • The upgrade must total $3300 or more.
  • This grant is income tested.

What does it all mean?

So, to make things a little simpler, if you are a First Home Owner you could be eligible for:

  1. $15,000 First Home Owner’s Grant PLUS
  2. $5,000 Regional Home building boost grant PLUS
  3. $25,000 HomeBuilder Grant

Total Grant amount $45,000

Or, if you are considering building a new home you could be eligible for;

  1. $5,000 Regional Home building boost grant PLUS
  2. $25,000 HomeBuilder Grant

Total Grant amount $30,000

Or, if your ready to renovate your existing home you could be eligible for:

  1. $25,000 HomeBuilder Grant
  2. $11,250 Household Resilience Grant if applicable.

Total Grant amount $36,250

Hamptons style kitchen in renovation. Blue cabinets with white benchtop

Contact us directly to discuss how we can help you access the grant for your new building project on 0417 479 747 or info@maxa.com.au.

This article is intended as a guide only.  All information was correct at the time of publishing.

Book a consultation to find out more

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