The announcement of the HomeBuilder Grant extension brings with it plenty of opportunity for those looking to build a new home in the new year. Introduced as part of an economic recovery plan amid the COVID-19 crisis, the HomeBuilder Grant has seen approximately 27,000 homes built, with the extension expected to result in 15,000 more homes approved under the scheme. We look at current Government grants and schemes available to help your building dream become a reality.
Home Builder Grant
Introduced in June 2020 as part of an economic recovery plan, the HomeBuilder scheme has been extended to 31st March 2021. Available to owner-occupiers, including first home buyers, the $15,000 grant is now available for building contracts signed between 1st January 2021 to 31st March 2021. To be eligible for the HomeBuilder grant, the property price must not exceed $750,000 and it must be your principal place of residence after completion. Recent changes to the HomeBuilder Grant applicable from 1st January 2021 include;
A $15,000 grant for building contracts (new builds and substantial renovations) signed between 1st January to 31st March 2021
An extended deadline for all applications, to be submitted, including those applying for the original $25,000 grant and the new $15,000 grant. Applications can now be submitted up until 14th April 2021 and will apply to all eligible contracts signed on or after 4th June 2020
An extension to the construction commencement timeframe from three months to six months for all HomeBuilder applicants.
The existing new build property price cap of $750,000 will continue to apply to QLD residents.
First Home Owners’ Grant
The Queensland First Homeowner’s Grant was introduced in July 2000 to offset the effect of the GST on home ownership. First home buyers are eligible to receive $15,000 towards buying or building your new house, unit or townhouse which is valued at less than $750,000. The grant is applicable for owners who intend to move into the new home as their principal place of residence within 1 year of completion and must live there continuously for 6 months. To find out if you’re eligible for the First Home Owner’s Grant and to apply click here.
Stamp Duty Concession
There are currently three types of transfer (or stamp duty) concessions available, whether you're a first home owner or if you've previously owned a home. The First Home Concession is available to those who acquire their first residence, valued under $550,000, which can save applicants up to $15,925. The Home Concession is available to those who have previously owned a home and if eligible, can save applicants up to $7,175. To view other concessions available or to see if you're eligible, please click here.
Queensland Housing Finance Loan
The Queensland Housing Finance Loan aims to assist residents who can afford to buy or build a home but cannot get private finance from a bank or building society. The loan can be used to build a house or purchase an existing property. You must be living in QLD and be a citizen or permanent resident of Australia and not own or part-own another property. To see if you’re eligible, click here.