Last year, Superdraft helped many homeowners who are looking to renovate or build a new home apply for the Federal Government’s HomeBuilder grant. This program offers a one-off $25,000 cash grant for housing construction projects with contracts signed on or before 31 December 2020 only.
The good news is that help is still available in case you missed last year’s deadline. The application is extended and if your project contract gets signed between 1 January 2021 and 31 March 2021, you can still secure the grant but at a lower rate of $15,000.
If you are reading this, you still have time to complete all the requirements and submit the documents to your State Revenue Office by 14 April 2021.
New eligibility criterias to avail the 15K HomeBuilder grant
Your project will qualify for the HomeBuilder grant if you meet the criteria listed below.
- It needs to be a new build or a substantial renovation. Projects that aim to build a shed, pool, granny flat, and any other structure that is detached from the main dwelling do not qualify for the grant.
- The value of the new build project needs to be:
- $950,000 in NSW
- $850,000 in Victoria
- $750,000 for the remaining States and Territories
- The value of the renovation project is between $150,000 to $750,000.
- The value of the property that you will renovate shouldn’t exceed $1.5M.
- The structure must be your primary place of residence and not an investment property.
- The building contract must be signed between 1 January 2021 and 31 March 2021.
- The construction must start within three months of signing the building contract.
Applicants must be:
- At least 18 years old and above
- An Australian citizen. Temporary or permanent residents will not qualify. Joint applications where one is not an Australian citizen but is a permanent resident will not be accepted.
- A person, not a company or a trust. Owner-builders and investors are not eligible for the HomeBuilder grant.
- Earning $125,000 or less based on their 2018/19 tax return or later (income capping for single applicants)
- Earning $200,000 based on their 2018/2019 tax returns (combined income capping for couple applicants)
Note: The $25,000 grant will still be made available for eligible contracts signed on or before 31 December 2020.
Required documentations for the HomeBuilder grant
- Proof of identity
- A copy of the birth certificate or Australian citizenship
- A copy of your Australian passport
- A copy of the certificate of name change if the applicant’s name is different from the documents presented
- Council approval of your project (including designs, plans and documentation). Superdraft can provide this for you.
- A copy of the building contract, dated and signed by you and the nominated builder who are licensed/registered on or before 4 June 2020.
- A copy of the builder’s valid licence/registration.
- A copy of your tax returns or the Notice of Assessment issued by the Australian Tax Office for either 2018-2019 or 2019-2020. Couples must provide the notice from the same periods. Kindly redact your Tax File Number before submission.
- Loan documents to prove that the property is a place of residence and not an investment property.
- A copy of the certificate of title for the property.
- A copy of the contract of sale for land.
- A copy of the land valuation certificate.
- A copy of invoices and receipts to show that the builders are being paid
- A copy of the first inspection certificate to prove that construction has started.
Superdraft can help you apply for the HomeBuilder grant
We are guiding the majority of our customers with their HomeBuilder grant application in the state or territory where they live today.
We can help you design your project, complete the planning drawings, and have the plans approved by the local council.
Then, we can help you source multiple builder quotes from our network of qualified local builders. We can help you choose the best offer and assist you throughout the signing of the building contract.
We’ll do all the heavy lifting so you have time and energy to complete the other required documents listed above.
Waste no more time and call us today on 1300936740. It’s best to not delay or risk missing the deadline — again.
Receiving the HomeBuilder grant
If you meet the criteria, your State or Territory revenue office will distribute the $25,000 or the $15,000 renovation grant directly to your nominated bank account.
The grant will be paid after you submit the evidence that construction has started (e.g. a copy of the first inspection certificate and the invoices and receipts from the builder).