what is home builder scheme and how it is useful to home buyers

Home Builder Scheme

The Home Builder scheme is making it even easier for home buyers and those looking to build a new home to achieve their property goals.  A $25,000* grant will directly help young families, first home buyers, upgraders and downsizers to realise their goal of home ownership sooner.

Home Builder Scheme provides eligible owner occupiers with a grant of $25,000 to build a new home, substantially renovate an existing home or buy an off the plan home/new home.

A new home is one that has not previously been sold or occupied as a place of residence and where construction commenced on or after 4 June 2020.

Home Builder scheme compliments Revenue NSW existing First Home Owner’s Grant (New Home) Scheme and First Home Buyers Assistance Scheme.

Eligibility Criteria

  • Home Builder is available to individual applicants and couples who are or will be registered as the owner on the certificate of title. If you are the only person who is listed, or will be listed, on the certificate of title as owner of the property, you must apply as an individual applicant. If there is, or will be, more than one person listed on the certificate of title, they must jointly apply as a couple provided, they meet the definition of ‘couple’.
  • Each applicant must be:
    1. a natural person (not a company or trust)
    2. aged 18 years or older at the date of the contract
    3. an Australian citizen. at the date of application.

When you must be registered on the certificate of title as the owner of the land or property depends on the type of contract you enter into:

  • For contracts to build, you must be registered on title as owner of the land by no later than the laying of foundations and the first progress payment is made to the builder.
  • For substantial renovations, you must be registered on the title as owner of the property at the time that you enter into the contract for renovation works.
  • For off the plan/new homes, you must be registered on the title as owner of the property when the building is completed, and you are entitled to take possession of the home.
  • Home Builder is only open to Australian citizens.
  • Accordingly, permanent resident and/or visa holders are not eligible.
  • Where two people are listed on the certificate of title as registered proprietors, they must apply for Home Builder as a couple and both applicants must meet the eligibility criteria, including the citizenship requirement.

Applicant(s) must be below one of the following two income caps:

  • $125,000 per annum for an individual based on either your 2018-19 or 2019-20 taxable income, as shown on your notice of assessment issued by the Australian Taxation Office or
  • $200,000 per annum for a couple based on either your combined 2018-19 or 2019-20 taxable income, as shown on your notices of assessment issued by the Australian Taxation Office.
  • A couple is considered as two people that are legally married, in a registered domestic relationship, or living as a couple on a genuine domestic basis, excluding people related to each other, for example, siblings.
  • Each applicant must not have previously received the Home Builder Grant for any property owned individually or jointly with another person in any Australian State or Territory.
  • Each applicant must live in the home as their principal place of residence for a continuous period of at least six months on completion of construction, renovation or settlement.
  • Investment properties are excluded from Home Builder.

Eligible Homes

Located in New South Wales.

Fixed to your land.

Suitable as a place of residence.

Owned, or will be owned, by you (both dwelling and land).

Eligible Contracts

Home Builder Scheme Eligible Contract

Where commencement is delayed due to unforeseen factors outside the control of the parties to the contract the applicant(s) can request a maximum extension of up to an additional 3 months by lodging a statement with supporting evidence for the Chief Commissioner to consider.

Why is it a smart choice to contact our mortgage brokers

Your expert guide in home buying journey

It is not an easy task to buy your first home. In fact it sure is one of the biggest financial decisions one makes in a lifetime. There is too much to know as it will be a completely new learning curve and no doubt there will be a lot of anxiety.

Therefore it definitely helps to have someone by your side throughout the home buying journey, making sure you understand the process every step of the way.

More options for all client profiles

Type of employment can have a bearing on what loan option and which bank will be best suited for you. We get cases for a lot of self employed clients who say that it has been difficult for them to get the desired loan. Our brokers specialise in loan applications for all types of employment. Whether you are self employed or on a casual or part time employment or having irregular incomes, our brokers have in-depth knowledge of the bank policies and can suggest a loan solution as per your unique situation.

Access to a wide range of loan products

Our brokers work for your benefit. They are not working for a particular bank, or vendor or any real estate agent. They have just your best interest in mind and therefore can compare a wide range of loan products.

Personalised attention

With Nfinity Financials you will get a personalised attention to your requirements, which you may not find with big corporate style financial institutions or banks. Our clients are our first priority.

Our Client Testimonials

See what our customers have to say about Nfinity Financials products, people and services.

Great Experience for our First Home
“Parag was helpful and supportive in every step of the home loan process. He provided clear direction and different bank options that best suited our home loan requirements…”

Akhilesh Raj
Submitted on 18 Dec 2020

“Exceptional service provided by Parag dixit, he had innovate ideas and completed the entire loan process with perfection. Parag’s guidance helped me get to where I wanted to be…”

Sachin Bhadange
Submitted on Oct 2020

Mortgage Brokerage and General Advice
“Very impressed with Parag’s professionalism and timely advice. His deep understanding of the market dynamics, broad financial knowledge and ability to address specific technical questions with patience, ease…”

New Purchase
Submitted on 10 Jul 2020

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