$25,000 Homebuilder Grant & $20,000 Building Bonus
June 5, 2020
Great news for WA home builders! There’s two new Government grants that could give you $45,000 to build a new home.
- HomeBuilder is the Federal Government initiative where you can get $25,000 to help build a new home.
- The WA Building Bonus is a State Government initiative where you can get $20,000 to help build a new home.
You can apply for both and potentially get $45,000. Yep, the Government is giving you money to help the construction market to bounce back from Coronavirus.
Combined with record low interest rates, it’s a pretty amazing opportunity to build a new home.
And it gets even better if you’ve never owned a home in Australia before, because you could add another $10,000 from the First Home Owners grant and make the total $55,000. It’s hard to believe, but it’s actually real.
Important Conditions for the $25K HomeBuilder Grant
- The contract must be signed between 4 June 2020 and 31 December 2020.
- Construction must start within three months of the contract date.
- As always, there are some eligibility requirements (see below).
Important Conditions for the $20,000 WA Building Bonus
- Your home building contract must be signed between 4 June 2020 and 31 December 2020.
- Construction of your home needs to begin within six months of the date you sign the contract.
- There is no cap on the purchase price or value of the contract.
- It is open to Australian citizens and foreign persons. You do not need to be living in WA to access this grant, nor does the home need to be your principal place of residence.
Can I Still Get Other Grants?
Yes! You can still apply for all of the following grants and programs, regardless of whether or not you qualify for the HomeBuilder or Building Bonus grants:
- $25,000 Federal HomeBuilder Grant
- $20,000 WA Building Bonus
- $10,000 WA First Home Owner GrantKeystart low deposit home loans
- Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
So if you’re an eligible first home buyer, you could access grants of $55,000 to build your first home.
If you’ve previously owned a home in Australia, you can still access grants of $45,000, including the $25,000 HomeBuilders grant and the $20,000 Building Bonus.
Also, the HomeBuilder grant is non-taxable, so you won’t incur any more tax if you receive this grant.
HomeBuilder Grant Eligibility Criteria
- You are aged 18 years or over
- You are an Australian citizen
- You are a natural person (not a company or trust)
- You earn up to $125,000 per annum for a single applicant or $200,000 per annum for a couple – based on 2018-19 tax returns or later
- You enter into a building contract between 4 June 2020 and 31 December 2020 to build a new home as a principal place of residence, where the property value does not exceed $750,000
- Construction starts within three months of the contract date.
- HomeBuilder Grant Fact Sheet
- HomeBuilder Grant FAQs
- Building Bonus Information & FAQs
- Building Bonus Official Announcement
Where Do I Start?
Vasse Estate is the perfect place to live. It’s 1km from the beach and less than 30 minutes to Dunsborough, Busselton or Margaret River. There’s over 80 local shops and businesses already established, plus two sought after schools. We have a huge sporting complex, six free exercise stations, beautifully landscaped parks and walkways, and plenty of green space and mature trees.