HomeBuilder grants: What can you get for a $150k reno or $400k new build?

Before renovators and new home builders leap on board to cash in on the HomeBuilder grants, it’s important to understand what the rules are and what you can expect to get for your money. Here’s everything you need to know + virtual home tours.

• Which South Aussies stand to benefit most from HomeBuilder?

Just as COVID-19 and spending more time at home sparked a DIY frenzy at your local hardware store, the Federal Government’s HomeBuilder program is prompting a rush of activity in new home build and renovation projects.

SA builders have reported a surge in demand since the Federal Government announced its stimulus package on June 4, which offers owner-occupiers $25,000 cash grants to build or renovate a home.

Fairmont Homes’ general manager Graeme Baird said his company had received a huge number of inquiries.

“There has been a significant increase,” Mr Baird said.

But before renovators and new home builders leap on board to cash in, the HIA’s executive director SA, Stephen Knight, says it’s important to understand what the HomeBuilder rules are and what you can expect to get for your money.

“The median price for building a new home in Adelaide is $220,000; with affordable land available, people in South Australia are fortunate that the HomeBuilder house and land price cap of $750,000 is easily achievable,” he said.

HIA figures show in SA build costs average $1280 per sqm, but vary depending on the complexity and quality of fit out, making Adelaide the second cheapest capital city in Australia, with only Perth being cheaper.

“For a home renovation and additions, you can get a fair bit for the minimum $150,000 spend and so it is definitely a worthwhile budget,” Mr Knight said.

“Renovations generally are more expensive per sqm, in relative terms to new home builds, which is understandable given modifications are often required to the existing home to accommodate the new additions.

“You can also build a home for $150,000 though it may be modest, the median price of $220,000 does give an idea of the type of homes that are being built.”

TAKE A VIRTUAL TOUR OF THESE HOME DESIGNS.

“IMPRESSIONS” - DECHELLIS

“PENFOLD” - DECHELLIS

“PRESTON” - FAIRMONT

Mr Baird said many builders including Fairmont Homes had designs which would suit the minimum $150,000 spend.

“A good value build for $150,000 is very achievable and equally more affordable thanks to the HomeBuilder stimulus grant,” he said.

“Our Trend design is a favourite with budget-conscious first-home buyers offering three bedrooms, an ensuite, bathroom and living starting from $105,160.

“If you allow $16,000-$18,000 for footings and site works, you would still have plenty left for upgrades.”

Dechellis Homes’ sales and marketing officer Melissa Treppiedi said building a large or high-end luxury home, such as their Impressions or Penfold designs, also could be achieved under the HomeBuilder grant rules, for around $400,000.

“A $400,000 budget to build a new home is great to work with,” she said.

“Typically you would get an approximate 330sqm, single-storey home which includes four bedrooms with WIR to the master, two bathrooms, two-three living areas, walk-in pantry, double garage and an alfresco,” she said.

“Some features/ finishes you would receive with Dechellis Homes for this budget would include (but not limited to;) a grand facade with raised portico, render and statement front door, large windows throughout, high ceilings, flooring, stone benchtops and upgraded joinery, tiling to ceiling in wet areas, upgraded appliances and sanitary ware, downlights throughout.

“Another great design of ours which would also fall within a $400,000 budget is our Penfold display home located in Craigburn Farm.”

Eligible grant recipients must meet a number of criteria, including having a minimum spend of $150,000 but no more than $750,000, for both new homes and land, and renovation/extension projects. Individual grant recipients are only permitted to earn up to $125,000 per year, with couples’ annual income capped at $200,000.