Information about the HomeBuilder Grant QLD offers
As QLD’s most trusted acreage home builder, we feel it’s our obligation to those out there looking to build to shed some light on the extension of the HomeBuilder Grant and what this means for QLD families.
The extension of the HomeBuilder Grant was a fantastic initiative by the Australian Government to ensure that the economy remains strong over these testing times. It’s also great news for those out there looking to build their dream acreage home.
One of the great things about the HomeBuilder Grant is that whether you are looking to upsize or downsize, knock down and rebuild, or you are a first home buyer, you can access the grant and take advantage of an extra $15,000 toward your build.
To make sure that you understand the grant, know if you’re eligible for it, and answer some of those frequently asked questions about the HomeBuilder Grant, we’ve put together this comprehensive article of all the questions we’ve been asked so you’re in the know.
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About The HomeBuilder Grant QLD
What exactly is the HomeBuilder grant program?
Announced in June 2020, the HomeBuilder Grant provides eligible home owner-occupiers, including first home buyers, with a grant to build a new home or renovate an existing home, this also includes knock down and rebuild projects. HomeBuilder was created to assist the residential construction sector, and those looking to potentially build, by encouraging the commencement of new home builds and renovations.
How much do I get with the HomeBuilder Grant?
If you are eligible for the HomeBuilder Grant you will receive:
- $25,000 for contracts signed between 4 June and 31 December 2020
- $15,000 for contracts signed between 1 January and 31 March 2021.
To qualify for the QLD HomeBuilder Grant you must apply using the online form by 14 April 2021 providing all supporting evidence by 30 April 2023.
The grant is paid per home, and only once to an individual or couple. It is not available to investors who do not intend to live in the property or to owner-builders.
Can the HomeBuilder Grant be used as a deposit?
Under the program in most cases you cannot use the HomeBuilder Grant as a despoti but may be able to use this as funds to complete. As a result, You will still require a 5% – 10% deposit for a construction loan unless you’re applying with a guarantor or have equity in an existing property.
Can the HomeBuilder Grant with other QLD building Grants?
Most definitely. The QLD HomeBuilder grant can be used with existing state grants like First Home Owners Grant (FHOG) and even the First Home Loan Deposit Scheme if you’re an eligible first home buyer.
This means that utilising the HomeBuilder Grant with the FHOG or First Home Loan Deposit Scheme could see first home buyers receive up to $50,000 in value.
Can the HomeBuilder Grant be used as funds to complete for my build?
Here in Queensland, the grant can be treated as funds to complete if the applicant gets pre-approval which is great news for you.
It cannot however be used for off the plan purchases in Queensland.
As with any build, making decisions, getting finance and finding that perfect acreage block can take time and with applications required to submitted by 14 April, best that you act now!
Eligibility
Am I eligible for the HomeBuilder Grant?
The following are the criteria for the QLD HomeBuilder Grant and apply to all persons, whether applying as an individual or as part of a couple.
- You cannot have previously received the HomeBuilder Grant in any state or territory of Australia.
- You must be at least 18 years of age
- You must not apply as a company or trust
- You must be an Australian citizen when you apply for the HomeBuilder Grant
- Your 2018/19 or 2019/20 annual taxable income must be below:
- $125,000 for an individual
- Or $200,000 for a couple.
- You will be the registered owner on the title
- The home you are looking to build will be your principal place of residence after completion
- Your build contract is signed between 4 June 2020 and 31 March 2021 and you are:
- buying an off-the plan / new home valued at $750,000 or less (including GST) and construction not started before 4 June 2020
or - building a new home where the build amount and the value of the land is $750,000 or less (including GST)
or - substantially renovate an existing home, where
- renovations cost between $150,000 and $750,000 (including GST)
and - value of property (home and land before renovation) is less than $1.5 million.
- buying an off-the plan / new home valued at $750,000 or less (including GST) and construction not started before 4 June 2020
Your Obligations For The QLD HomeBuilder Grant
What are my obligations for the HomeBuilder Grant?
There are a few obligations you must fulfil for the HomeBuilder Grant:
- You must move into your new home as your principal place of residence after the final certificate has been issued and live there for a minimum of 6-months.
- You can rent out one or more rooms in the home during this 6-month period, as long as this does not affect your primary use for the new home.
- You may be asked to verify that you have met these requirements, by providing documents that support the period of occupancy for all applicants.
When to apply for the HomeBuilder Grant?
After you have signed your contract, there are 2-steps to follow with strict timeframes.
Step 1: Apply by 14 April 2021. Late applications will not be accepted.
Step 2: Provide all supporting evidence by 30 April 2023. Documents supplied after this date will not be accepted.
What supporting evidence will I need to qualify for the QLD HomeBuilder Grant?
To qualify for the QLD HomeBuilder Grant you will need to provide these documents:
- A copy of the building contract dated between 4 June 2020 and 31 March 2021
- A copy of your Australian Taxation Office notice of assessment for the year ended 30 June 2019 or 30 June 2020 with your tax file number (For couples, both applicants must provide this for the same year.)
- A copy of your Australian birth certificate, Australian passport or Australian citizenship certificate
- Photo ID such as an Australian driver licence, Australian proof of age card or Australian firearm licence (not needed if you have provided a copy of your Australian passport)
- Certificates to confirm name change or marital status (e.g. marriage, divorce, death, separation)
- A copy of the contract of sale for land, if less than 12 months from date of your application
- A copy of a valuation or market appraisal by a bank, licensed independent valuer or real estate agent, or the most recent rates notice
- A copy of a title search or registration confirmation statement that shows you and your co-applicant are registered owners on the title
- A letter from your builder stating when excavation and site preparation for your new home had commenced
- Documented evidence from a building certifier showing foundations have been laid.
- A copy of a receipt or letter from your builder confirming that they have received the first progress payment under the contract you are applying for
Applying
Information on the application process for those wishing to access the QLD HomeBuilder Grant is available through the Queensland Office of State Revenue.
We’re Here To Help You With Anything QLD HomeBuilder Grant Related
If you have any questions on the recent changes to the QLD HomeBuilder Grant don’t hesitate to contact us. We’d love to help you achieve the dream of owning your own dream acreage home.
