HomeBuilder is a time-limited grant program offered by the Federal Government to help eligible owner-occupiers, including first home buyers, with a grant of $25,000 to build a new home.
This offers a great opportunity for people to save even more when building their dream home with McDonald Jones.
If you're planning to build a new home and access this grant, then there are a number of criteria for eligibility you need to know about, including;
- You must be over 18 years or older and an Australian citizen.
- You must meet the following two income caps:
- $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or
- $200,000 per annum for a couple based on both 2018-19 tax returns or later
- You are also required to enter into a building contract between 4 June 2020 and 31 December 2020 and new homes must be your principal place of residence, where the property value (ie house and land) does not exceed $750,000.
- Construction must commence within three months of the contract date.
^The HomeBuilder Scheme will provide eligible owner-occupier applicants with $25,000 towards their new build when contracted between 04 June 2020 and 31 July 2020. For more information on eligibility criteria, please refer to https://treasury.gov.au/coronavirus/homebuilder. Application for the HomeBuilder Scheme is made by the individual customer, not McDonald Jones.
New South Wales Grants
If you’re a first home buyer looking to build your dream home, the NSW Government’s First Home Owner Grant (New Homes) Scheme is in place to assist eligible first home owners to purchase their new home.
The NSW First Home Owner Grant scheme is in place to help you, so here is a little more information to help you better understand the scheme.
While it may seem complicated applying, we’re always here to help you with any questions that you may have and to help guide you on your building journey.
How much is the First Home Owners Grant?
The NSW First Home Owner Grant scheme assists eligible first home owners to purchase their new home by offering a grant of $10,000* (made on or after 1 January 2016)
From 1 July 2017, the First Home Owner Grant is capped at:
- The value of building of a new home must not exceed $750,000;
- Purchase of a new home is up to $600,000.
What is a new home?
A new home is a home that has not been previously occupied or sold as a place of residence, and includes a home that has been substantially renovated and a home built to replace demolished premises.
How do I apply for the First Home Owner grant?
You can apply for your First Home Owner Grant through the Office of State Revenue. Our team is here to guide you through the application process.
First Home Buyer’s Assistance Scheme
The First Home Buyers Assistance scheme is a NSW Government initiative which commenced on 1 July 2017. This scheme provides exemptions or concessions on transfer duty for eligible NSW first home buyers. This includes vacant land on which you intend to build your first home.
The First Home Buyers Assistance scheme provides eligible purchasers with exemptions on transfer duty on new and existing homes valued up to $650,000 and concessions on duty for new and existing homes valued between $650,000 and $800,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000.
For more information on the First Home Buyers Assistance scheme, visit the Office of State Revenue website.
With up to $10,000 available through the NSW Government’s First Home Owner Grant, building a brand new home has rarely been more financially attractive.
This is a great opportunity to build your dream home, so drop into one of our display locations and talk to a Building and Design Consultants to learn more about the grants and to find the perfect home for you.
*For more information on the grants available through the NSW Government, visit the Office of State Revenue website.
For more information on current grants and your eligibility, please review details on the ACT Government website.