What is home builder scheme?

HomeBuilder offers eligible owner-occupants (including first-time homebuyers) a grant to build a new home, substantially renovate an existing home, or purchase. The HomeBuilder grant is a federal plan designed to help the Australian residential construction market continue its business in the aftermath of the coronavirus. HomeBuilder supplements the First Home Owner (New Home) Grant Plan and the Revenue NSW First Home Buyer Assistance Plan. Similarly, a landlord-occupier seeking to substantially renovate their home with the grant would have to pay the builder to begin the renovation before the deadline and then apply directly to their state or territory revenue office, which will then conduct eligibility checks and approve or will deny the request.

Owner builders and individuals who wanted to build a new home or renovate an existing home as an investment property were not eligible for HomeBuilder. HomeBuilder awarded individuals and couples a grant to build or purchase a new home or substantially renovate an existing home that they will own and occupy. If you enter into a cost-plus-cost contract in which the payment to the builder is based on the actual cost of the works plus a fee, you will need to demonstrate that the scope of works under the contract covers the construction of the house from start to completion.