Home _ HOME BUILDER GRANTS AND CONCESSIONS: EVERYTHING YOU NEED TO KNOW

HOME BUILDER GRANTS AND CONCESSIONS: EVERYTHING YOU NEED TO KNOW

HOME BUILDER GRANTS AND CONCESSIONS: everything you need to know before to buy or build your house. 

Maximising the amount of money you have to spend on your new home is the key to getting the home of your dreams.  While hoping for a win on Lotto might be the standby plan for a lot of us, the majority of us will need to rely on old fashioned savings along with potentially a helping hand from one of the grants or concessions that are on offer.  

Different home builder grants and concessions are available depending on where you live and what your circumstances are, and you may be eligible for more than one.  Below are the main ones to consider if you live in Queensland.

 

HOME BUILDER GRANT

This home builder grant has been reduced to $15,000 for contracts signed between 1 January and 31 March 2021 and has application deadlines and eligibility criteria.  Briefly you must:

  • be an Australian citizen over the age of 18 
  • have an annual taxable income below $125,000 for an individual or $200,000 for a couple (based on 2018-19 or 2019-20 financial year)
  • be building a home that will be your principal place of residence
  • be buying or building a new home valued at less than $750,000 incl. GST or substantially renovating an existing home where the renovations cost is between $150,000 and $750,000 with the value of the property before renovation is less than $1.5 million
  • apply online by 14 April 2021.

 

FIRST HOME LOAN DEPOSIT SCHEME

Even with interest rates at historical lows, lenders will still want to burden you with lenders’ mortgage insurance if your deposit is less than 20%.  This is a policy that protects the lender if you default on the loan (but it doesn’t protect you).  Under the Scheme, eligible first home buyers can purchase or build a new home with a deposit of as little as 5% (lenders criteria apply).   There are currently 27 participating lenders offering loans under this Scheme.

 

FIRST HOME OWNERS’ GRANT

A Queensland grant of $15,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000) is available if your contract is dated 1 July 2018 or later.  The grant is payable per new home, not to each applicant for the same home.  To be eligible you must:

  • be over the age of 18
  • be an Australian citizen or permanent resident (or applying with someone who is)
  • not have previously owned property in Australia that you lived in
  • be building or buying a brand new home with a total value including land of less than $750,000
  • move into the new home as your principal place of residence for at least 6 months within 1 year of completion.

 

REGIONAL HOME BUILDING BOOST GRANT

To help home owners in regional Queensland own their own home sooner, this grant provides $5,000 after the purchase or construction of a brand new house, unit or townhouse valued at less than $750,000.  A contract to buy or build a new home must be entered into between 4 June 2020 and 31 March 2021.  To be eligible for this grant you must:

  • be over the age of 18
  • be an Australian citizen or permanent resident (or applying with someone who is)
  • not have previously received a regional home building boost grant