20 Oct 2020

What’s not to love about free money? First home buyers who buy or build a new place can tap into grants worth tens of thousands of dollars.

Better get in quick though, most end on 31 December 2020. Here’s how the dollars stack up.

$25,000 HomeBuilder

The $25,000 HomeBuilder grant could be yours when you buy or build a new home priced below $750,000.

Or, you could be eligible for HomeBuilder if you buy a doer-upper with plans to renovate. You’ll need to spend at least $150,000 on improvements to be eligible.

Limits apply to your income and property value to be eligible. 

See if you can claim HomeBuilder.

$20,000 WA Building Bonus

Build a new home in WA, and you could pocket up to $45,000. That’s thanks to the welcome combo of the $25,000 HomeBuilder grant plus the $20,000 Building Bonus grant exclusive to WA. Building Bonus isn’t limited to home buyers. Investors can apply too.

Check out the details of Building Bonus.

$20,000 Tasmanian HomeBuilder

No, you’re not seeing double. First home buyers in Tassie can pocket two HomeBuilder grants – the state’s own $20,000 HomeBuilder plus the $25,000 HomeBuilder available nationally. Twice as nice, right?

Find out if you’re eligible.

​​$20,000 NT BuildBonus

Make your first home in the Top End a new home, and you could claim the $20,000 BuildBonus – and that’s on top of the $25,000 HomeBuilder grant.

With only 600 BuildBonus grants up for grabs, be sure you don’t miss out.

Check if you’re eligible.

Qld Regional Home Building Boost

Here’s a good excuse to escape to the country. Buy or build a new home valued below $750,000 in regional Queensland, and you could claim the $5,000 Regional Building Boost, then back it up with the $25,000 HomeBuilder.

Check if your postcode classifies as ‘regional’.

The First Home Owner Grant

The First Home Owner Grant (FHOG) is only available if you’re buying a home for the first time – and yes, you have to be buying a residential property to live in. That means everyone on the title must be a first-timer. If you’re buying with someone who’s already owned a home in their name, that rules out both of you.

The FHOG differs between states and territories, as does eligibility criteria. The First Home Owner Grant website can direct you to all the information you need – as well as how much you could be eligible for. In most cases, you may only be eligible if you’re building or buying off the plan. But if you can claim the FHOG, chances are you could also be eligible for savings on stamp duty

Your ME Mobile Banker can help you understand your eligibility for a whole variety of first home buyer support, and get your application sorted.

Note: Grants are subject to change and the readers responsibility to check they are eligible at the point of application.