Homebuyers grant: How much HomeBuilder you'll get in every state
The government is handing out $25k to eligible homeowners – but you could more than double this depending on where you live.
Prime Minister Scott Morrison has just unleashed a home reno dream, announcing grants of up to $25,000 to build new homes and refurb existing houses.
Called HomeBuilder, Mr Morrison said it was now time to get building to drag the country out of its COVID-19 induced recession.
“This investment isn’t just about helping Australians bring their dream home to life, it’s about creating jobs and helping support the more than one million workers in the sector including builders, painters, plumbers and electricians across the country,” the Prime Minister said.
But an analysis by news.com.au has found first home buyers could get even more bang for their buck by adding the HomeBuilder grant to incentives already offered by both the Commonwealth and their state or territory.
RELATED: Government announces $25,000 HomeBuilder grant
That means in some states, people moving into their first home could get grants and incentives totalling as much as $55,000 - more than double HomeBuilder alone.
First, some caveats about HomeBuilder though: not everyone is going to be able to feel the full splash of the cash.
To qualify for HomeBuilder, you need to be spending more than $150,000 on a renovation. If you’re building a new home it has to be worth less than $750,000, or if you are renovating an existing property it needs to have been previously valued at less than $1.5 million.
Also, the works must improve the accessibility, safety and liveability of the dwelling. So, no grants for additions to the property that are unconnected to the residence such as tennis courts, outdoor spas and saunas, sheds or garages. The government will not pay for your new pool.
Applicants for HomeBuilder must also meet the following two income caps to qualify for the scheme.
– Singles must be earning $125,000 or less based on their 2018/19 tax return or later.
– Couples must have a combined income of less than $200,000 based on their tax returns.
The grant is only available until New Year’s Eve.
If, after all of that, you do still qualify for HomeBuilder, you could get even more cash if you’re a first homebuyer.
Why? Because each state and territory has grants available for first homeowners that can also be tapped into.
In addition there is also the Commonwealth’s First Home Loan Deposit Scheme.
This guarantees mortgages for first home buyers who have as little as a 5 per cent deposit. The government stands as guarantor for the remaining 15 per cent, which effectively helps them buy sooner without paying lenders mortgage insurance premiums, which can add up to $10,000.
That gives you more dosh to do up your first place.
On top of that is the First Home Super Saver Scheme, which allows you to save up to $30,000 for your first home inside your super fund. But as that’s your own money we’re not going to count it.
So how much could you get where you live?
TASMANIA
State first homeowner’s grant: Up to $20,000
Commonwealth first Home Loan Deposit Scheme: Up to $10,000
With HomeBuilder, how much can I access? Up to $55,000
Any big catches? Available for a newly built or to be built residence.
What else do I need to know? Tassie provides a 50 per cent discount on property transfer duty for first home buyers of established homes, which have a dutiable value of $400 000 or less.
More information: Go to the Tasmanian Government’s first homeowners website.
NORTHERN TERRITORY
Territory first homeowner’s grant: $10,000
Commonwealth first Home Loan Deposit Scheme: Up to $10,000
With HomeBuilder, how much can I access? $45,000
Any big catches? Nope
What else do I need to know? The NT has lots of grants, concessions and rebates for home buyers so you might get even more.
More information: Go to the NT Government’s homeowner assistance website
AUSTRALIAN CAPITAL TERRITORY
Territory first homeowner’s grant: None, the ACT has the Homebuyer Concession Scheme instead – see below.
Commonwealth first Home Loan Deposit Scheme: Up to $10,000
With HomeBuilder, how much can I access? Up to $35,000
What is the Homebuyer Concession Scheme? First home buyers in the ACT pay no duty so long as their household income is below between $160,00 and $176,650 which varies on the number of dependants.
More information: Go to the ACT Government’s home buyers assistance website
SOUTH AUSTRALIA
State first homeowner’s grant: $15,000
Commonwealth first Home Loan Deposit Scheme: Up to $10,000
With HomeBuilder, how much can I access? Up to $50,000
Any big catches? Nope.
More information: Go to the SA Government’s first homeowners website
WESTERN AUSTRALIA
State first homeowner’s grant: $10,000
Commonwealth first Home Loan Deposit Scheme: Up to $10,000
With HomeBuilder, how much can I access? Up to $45,000
Any big catches? For homes up to a value of $750,000 except north of the 26th parallel when the value can be $1 million.
More information: Go to the WA Government’s first homeowner grant website
QUEENSLAND
State first homeowner’s grant: $15,000
Commonwealth first Home Loan Deposit Scheme: Up to $10,000
With HomeBuilder, how much can I access? Up to $50,000
Any big catches? For homes up to a value of $750,000 only.
More information: Go to the Queensland Government’s first homeowner grant website
VICTORIA
State first homeowner’s grant: $10,000 – $20,000
Commonwealth first Home Loan Deposit Scheme: Up to $10,000
With HomeBuilder, how much can I access? Up to between $45,000 and $55,000
Any big catches? $10,000 grant is for homes in urban areas, $20,000 for homes in regional Victoria. For homes only up to $750,000 in value and built within the previous five years.
What else do I need to know? First home buyers are exempt from paying stamp duty on properties valued up to $600,000, while a concession is available for properties valued between $600,001 and $750,000.
More information: Go to the Victorian Government’s first homeowner website
NEW SOUTH WALES
State first homeowner’s grant: $10,000
Commonwealth first Home Loan Deposit Scheme: Up to $10,000
With HomeBuilder, how much can I access? Up to $45,000
Any big catches? First home that is newly built and no one else has lived in previously up to a value of $750,000.
What else do I need to know? First home buyers in NSW are exempt from paying all or some stamp duty on homes valued up to $800,000.
More information: Go to the NSW Government’s first homebuyer website
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