In this article:
What is it?
- New home constructions where the cost of the new home build (including land price) is less than $750,000.
- Renovations that cost between $150,000 to $750,000 for properties valued at less than $1.5 million before the upgrade. All upgrades must improve the accessibility, safety and liveability of the dwelling. Examples include kitchen and bathroom renovations. Renovations that are not connected to the primary residence like swimming pools, garages and sheds are ineligible.
- Over 18 years of age (only individuals can apply – not trusts, institutions or companies).
- Australian Citizen(s) (Permanent Residents and Temporary Residents are ineligible).
- Earning less than $125,000 as a single individual and $200,000 annually as a couple.
We have you covered on all stages of your property journey
Who will pay the grant and by when?
- Though this is a federal government initiative, the respective state government will pay the grant.
- In terms of when you can expect to receive the grant:
- The grant will be paid at the slab stage for a new build.
- In case of renovation, you can collect it after you’ve spent $150,000.
- For off-the-plan purchases, the grant is likely to be paid during total payment at the time of the settlement.
- Proof of identity
- Copy of builder’s registration or licence
- Signed and dated contract copy
- 2018-19 tax returns copy
- Check the credentials of your contractor to make sure he/she is licensed.
- Be ready with your documentation.