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The HomeBuilder Grant FAQ: Every Question You Need Answered

by | Jun 22, 2020 | Finance and Money Saving Tips

}  4 minute reading time

You’ve got Q’s. We’ve got A’s.

Here’s everything you need to know about the HomeBuilder stimulus that just dropped!

Q: First off, what’s HomeBuilder?
A: Glad you asked! Basically, it’s a tax-free grant program offering you a super chill $25,000 to build your new home in 2020! No biggie! It’s not like it can get us out of the Rona rut and into our dream homes…oh wait 😉 This limited-time deal is basically putting the construction industry back on the board. On your mood board that is! HomeBuilder is letting us push reset on those 2020 resolutions and we are BUZZING.

Q: How do I get my hands on it?
A: Contracts are available to sign up right now. Like we said, this is a limited time offer so shake of that iso routine of eat, sleep, Netflix, repeat; and let’s GO. You need to get in between June 4th and December 31st and start construction on your house within 3 months of signing the contract! Could be ready in time for summer parties at your place.

Q: How do I know if I’m eligible?
A: Us: You just need to be an Aussie citizen over 18 and have a regular income.
You: Check!
Us: For singles, earnings are capped at $125k per annum and $200k p/a combined for couples.
You: Check!
Us: You just need to start building within three months of signing the contract.
No one ever: You’re asking too much!
Q: How much can my new house cost?
A: Your new pad needs to come in at $750K or under. This means that ALL of our Smart homes are up grabs! Yeah, we thought this one through; call it our fortune telling smarts 😉 We can also tell that you’re a bit of a smartie yourself – currently working out how simple it is to build the home of your dreams. HELL YEAH!

Q: How many people can get it?
A: The sky’s the limit. Literally. There’s no limit on how many people can get HomeBuilder. It’s uncapped! It is time sensitive though, so it’s time to get moving … literally! All those at-home barre classes weren’t for nothing. As long you plan to live in your new home then this deal is ready and waiting.

Q: What if I already have land?
A: If you’ve got land but haven’t signed a contract to build a new house yet, you’re still eligible, don’t stress! If you had the land before June 4th, it’s the same $750K cap on property value. But, if you buy the land after, then the $750K value is for the land and house combined. Oh, and if you have a house that you want to knock down to build a smarter one *hint, hint* then it’s counted as the renovation part of this stimulus package! That means it’s got to cost between $150K and $750K, and the total value of the house and land combo has to be under $1.5M before you start (as in pre-reno).
Q: How do I apply for the $25K?
A: You can apply for the HomeBuilder grant when the WA Gov signs the National Partnership Agreement with the Commonwealth Government. It’s happening, so contact your local authority on when and how you can apply. They’ll give you all the deets.

 Q: Is it really tax free!?
A: Yeah, baby! There’s no tax on this bad boy – just like the First Home Owners’ Grant. And yes, even if you’re not a first home buyer, you can still access HomeBuilder. As long as you meet the criteria and are building a home to live in, you’re set to go!

Q: What if my circumstances change and I’m no longer eligible?
A: If your situation changes after the application, but before the $$$ have landed, you need to notify the WA revenue office straight away.

Q: I’m ready! What do I need to do?
A: Once you know that you’re eligible, get your documents ready! When you get to the WA revenue office, you’ll need a few things to process your application:
• Proof of identity such as a driver’s license, passport etc. you know the drill
• A copy of your contract, dated and signed by you and the builder
• A copy of the builder’s registration or licence. Gotta know they’re legit
• Your tax return from 2018-19 to show your income
• All the other important documents like council approvals, building contracts, occupation certificates, and evidence of land value
Q: What happens if my application gets rejected?
A: Okay, rejection sucks! But, if you’re not happy with the outcome of your HomeBuilder application, you can request that it’s reviewed by the WA resolution body. More info on this will be landing v. soon.

Q: Who’s making this all happen?
A: We know some of you are curious, so here it is. HomeBuilder is expected to be implemented via a National Partnership Agreement, signed by the Commonwealth, State, and Territory Governments. This approach will draw on existing State and Territory mechanisms to distribute the HomeBuilder payments.

Q: What kind of abode can I build?
A: It’s your home, your choice! House and land package, narrow lot home, HUGE space saver … Just meet the eligibility criteria and you can bring all those vision boards to life!

Still want more deets? We got chu.

Written by Siobhan


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