What building grants could you get?

As an eligible home buyer, builder, or renovator you could receive up to $55,000 in state and federal grants, and pay as little as a 5% deposit to get started.

Amount: $25,000
Expiry: 31 December 2020

HomeBuilder grants are available for people who enter into a contract to build a new home or undertake substantial renovations to their existing home.

Key features:

• Available for owner occupiers only.
• For building new homes, or
• Substantial renovations to existing homes (between $150K to $750K).

Main criteria:

• Construction to commence within three months of entering contract.
• Contract must be entered into between 4th June - 31st December 2020.
• Australian citizens only.
• Income cap applies - singles $125K and couples $200K.
• When building a new home, the total value must remain under $750K.
• When renovating an existing home, the total value must remain under $1.5M (excludes granny flats, swimming pools, tennis courts and any structures not connected to property).

More information, including full eligibility criteria is available on the Australian Government Treasury website.

Amount: $20,000
Expiry: Extended - construction to be commenced 12 months from date of the contract, up until 31 December 2021.

Building Bonus grants are available for people who enter into a contract to build a new home on vacant land or purchase a new home being constructed under a single-tier development on a strata plan or other land survey type.

Key features:

• Available for owner occupiers and investment properties.
• For building new homes on vacant land, or
• Purchasing off-the-plan as part of single tier development.

Main criteria:

• Construction to commence within six months of entering contract.
• Contract must be entered into between 4th June - 31st December 2020.
• Residential purpose only (no commercial).
• No income caps.
• No price caps.

More information, including full eligibility criteria is available on the WA Government grants website.

Amount: $10,000
Expiry: TBC

The first home owner grant (FHOG) is a payment to assist first home buyers to buy or build a new (or substantially renovated) residential property for use as your principal place of residence.

Key features:

• Available for first home buyers.
• For building new homes on vacant land, or
• Purchasing an off-the-plan apartment.

Main criteria:

• Residential purpose only (no commercial).
• Applicants and/or their spouses or de facto partners cannot have previously received the grant or owned residential property anywhere in Australia before 1 July 2000.
• Must be your principal place of residence for six months.
• Maximum property value of $750K (or $1M north of the 26th parallel).
• No income caps.

More information, including full eligibility criteria is available on the Department of Finance website.

Did you know as a first home buyer you may be able to get started with just a 5% deposit?

The First Home Loan Deposit Scheme New Home Guarantee is an Australian Government initiative to support eligible first home buyers purchase a home sooner. It does this by providing a guarantee that will allow eligible first home buyers to purchase a home with a deposit of as little as 5% without needing to pay for Lenders Mortgage Insurance (LMI)..

Learn more