Which states are offering their own HomeBuilder grants?

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on June 08, 2020
Which states are offering their own HomeBuilder grants?

Photo by Kelly Sikkema on Unsplash

There's a federal $25,000 HomeBuilder grant up for grabs, but certain states have offered their own construction stimulus packages too.

Announced with much hype, the Morrison Government's 'HomeBuilder' grant was revealed in early June, and provides a $25,000 grant for home builders who meet certain criteria.

Housing Minister Michael Sukkar told The Australian that more than 8,000 households have already registered interest in the scheme as of 8 June, with more than half coming from Victoria and Queensland.

Tradie service directory hipages has already observed a spike in requests for renovations and home extensions.

Job numbers posted in its 'Renovations' category on 8 June were 4.4 times higher compared to listings on the previous Thursday.

It was 6.5 times higher in the 'Home Extensions' category.

However, the scheme has come under fire for only being offered to a fairly niche subset of people, while not addressing other issues such as social housing or housing affordability.

Now some states opened up their own coffers for their own 'HomeBuilder' grants to a much wider variety of people.

Click below to see what's on offer in your state.

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner-occupiers.

Lender

Variable
More details
UNLIMITED REDRAWSSPECIAL OFFER
  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
UNLIMITED REDRAWSSPECIAL OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
Variable
More details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
More details
ZERO APPLICATION FEESFEE FREE OFFSET
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEESFEE FREE OFFSET

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
Variable
More details
AN EASY DIGITAL APPLICATION
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
NO APPLICATION FEES
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
NO APPLICATION FEES

Yard Home Loan (Principal and Interest) (Special) (LVR < 80%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
NO UPFRONT OR ONGOING FEES
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
NO UPFRONT OR ONGOING FEES

Owner Occupier Accelerates - Evaporate (LVR 60%-70%) (Principal and Interest)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
NO UPFRONT OR ONGOING FEES
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
NO UPFRONT OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 80%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
UNLIMITED EXTRA REPAYMENTS
UNLIMITED EXTRA REPAYMENTS

Basic Home Loan (Principal and Interest) (LVR < 60%)

    Variable
    More details
    EASY DIGITAL APPLICATION
    EASY DIGITAL APPLICATION

    Neat Variable Home Loan (Principal and Interest) (LVR 70%-80%)

      Variable
      More details
      $0 APPLICATION FEE
      $0 APPLICATION FEE

      Budget Home Loan (Principal and Interest) (LVR < 80%)

        Variable
        More details
        100% FULL OFFSET ACCOUNT
        100% FULL OFFSET ACCOUNT

        Offset Package Home Loan (Principal and Interest) (LVR < 60%)

          Variable
          More details
          LIMITED TIME OFFER
          • Fast turnaround times, can meet 30-day settlement
          • No ongoing or monthly fees, add offset for 0.10%
          • Extra repayments + redraw services
          LIMITED TIME OFFER

          Smart Booster Home Loan Discounted Variable - 1yr

          • Fast turnaround times, can meet 30-day settlement
          • No ongoing or monthly fees, add offset for 0.10%
          • Extra repayments + redraw services

          Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 29, 2022. View disclaimer.

          Tasmania home builder grant

          On Thursday 4 June the Tasmanian Government announced it is expanding its first home builders 'construction blitz' scheme.

          Now, the Government will commit $20,000 for any owner-occupier to build a house from 4 June until the end of the year, with the build to be completed within 18 months.

          Previously, the plan was only open to first home buyers but now is open to all owner-occupiers.

          The office of the Premier of Tasmania says the scheme will cost $20 million, with an estimated construction value of $400 million.

          Tasmanian Premier Peter Gutwein outlined some criteria for those wishing to access the grant.

          "You will need to sign a contract from today [4 June] until the end of December - you will need to be able to begin construction in three months," he said.

          "Then you'll have two years to complete that construction."

          Eligible owner-occupiers could access up to $45,000 if they use both the state and federal HomeBuilder grants.

          More details and eligibility criteria for Tasmania's grant will be released on 9 June.

          Western Australia 'Building Bonus' grant

          On 8 June, the Western Australian Government announced a $125 million home building stimulus package. 

          Part of this is a $117 million 'Building Bonus' scheme, with both owner-occupiers and investors building a new house eligible for a $20,000 grant.

          Homebuyers who purchase a single-storey property already in construction - such as a new townhouse development - may also apply.

          The scheme is not means-tested and there is no property value cap, unlike the federal HomeBuilder scheme.

          Premier Mark McGowan said the scheme provides a 'pipeline' of work for local construction companies and tradies.

          "As a result of our budget management over the last three years, we have the flexibility to respond to the COVID-19 pandemic and help support our local economy," he said.

          "WA's residential building industry makes a significant contribution to our economy and community, so it's important we help protect, support and create new jobs in this space."

          Grants are available from 4 June up until the end of the year.

          Eligible homebuyers could access up to $45,000 if they use both WA's Building Bonus and the federal HomeBuilder grants.

          Queensland extended first home owner grant

          On 16 June the Queensland Government reaffirmed its $15,000 first home owner's grant (FHOG).

          The Government also introduced a new $5,000 additional FHOG for those building in regional areas.

          The FHOG applies to any first home buyer purchasing a new home worth less than $750,000.

          Those living in or moving to a regional area could get up to $20,000 if they build their first home. 

          Queensland Premier Annastacia Palaszczuk said the grant forms part of a wider $6 billion stimulus package focused on jobs creation.

          “It is already kick-starting Queensland by bringing forward greater and significant investment in infrastructure and my government is joining with Queenslanders to unite and to recover and finish the job of economic rescue together," she said.


          Disclaimers

          The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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          author-avatar
          Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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