Things to Know about Homebuilder Grant
A home builder grant is a scheme by the federal government that eligible owner-occupiers can use to build new homes, renovate their existing homes, or buy off-the-plan homes. One of the qualifications for this grant is spending a minimum of $15 on a home renovation project. The overall value of the house that is being renovated must also not exceed $1.5 million.
Eligibility for Homebuilder Grant
This grant is available to couples and individual applicants that will be or are registered as owners on the title certificate. A person that is or will be listed as the property owner must apply for the grant as an individual. If another person will also be listed, they should apply jointly as long as they meet a couple’s definition.
Applicants must be:
- Natural persons and not trusts or companies
- Aged at least 18 years
- Legal citizens of the country
Visa holders and/or permanent residents are not eligible for the homebuilder grant. When the title certificate lists two people as the registered proprietors, they have to apply for the grant as a couple. Both applicants must also meet the above eligibility criteria.
Homes that are Eligible for Homebuilder Grant
Homebuilder grant does not cover investment properties. What’s more, the applicant has to live in a home as the principal residence for at least 6 months continuously after the renovation, settlement, or construction.
Here are some of the homes that may qualify for a homebuilder grant:
- A home fixed to the land of the applicant
- A house that’s suitable as a residential place
- A property owned by you or will be owned by you
Both the land and the dwelling must be owned or to be owned by the applicant. And a house can receive this grant only once.