The $25,000 grant was announced on June 4 to those building a new home or undertaking significant renovations, subject to eligibility criteria. 

Several state politicians had expressed concerns with the schemes administration and implementation, but the Treasury announced all states and territories were now signatories to the HomeBuilder National Partnership. 

Looking to build your own home? The table below features construction loans with some of the lowest interest rates on the market for would-be home builders.


VariableMore details
  • 10% deposit minimum
  • Up to 30 yrs loan term
  • Interest Only during construction – Solar Construction 90

  • 10% deposit minimum
  • Up to 30 yrs loan term
  • Interest Only during construction
VariableMore details

Great Southern Bank – Basic Variable Owner Occupier Construction (LVR ≤ 70%)

    VariableMore details

    Qudos Bank – Construction Home Loan (LVR < 80%)

      VariableMore details

      Geelong Bank – HomeBuilders Loan (Interest Only) (LVR < 80%)

        VariableMore details
        • Interest-only during construction
        • No monthly or ongoing fees – Construction Home Loan (LVR < 90%)

        • Interest-only during construction
        • No monthly or ongoing fees
        VariableMore details

        La Trobe Financial – Construction Home Loan

          VariableMore details

          Gateway Bank – Construction Home Loan

            Important Information and Comparison Rate Warning

            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. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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 December 8, 2023. View disclaimer.

            Tasmania has been the first to announce it was now accepting applications for the Federal grant, as well as the $20,000 Tasmanian HomeBuilder Grant, available to those building new homes. 

            Queensland said an online application for the Federal grant would be available shortly for contracts signed between 4 June and 31 December 2020. 

            The Australian Capital Territory said information on the application process for the grant would be available online from the week beginning 13 July. 

            Information on eligibility and application processes for all other states and territories will reportedly be available shortly through their respective websites.

            To be eligible for the HomeBuilder scheme, you must:

            • Be an Australian citizen aged 18 years or older and be an individual, not a company or trust.
            • Be on an income of less than $200,000 for couples, and $125,000 for singles.
            • Be spending between $150,000 and $750,000 on a renovation for a home that has been previously valued at less than $1.5 million.
            • Be building a new home worth less than $750,000 (this includes land value). 

            Read up on how to finance your HomeBuilder construction here

            HomeBuilder driving record new housing demand

            Data from (REA) has revealed enquiries for new developments have surged since the announcement of HomeBuilder. 

            The new REA Insights New Homes Snapshot for July shows enquiries to developers nationally jumped by almost 63% in June, with land estate enquiries experiencing a 93% lift over the month.

            REA Group Executive Manager – Economic Research Cameron Kusher said the spike in June followed a 53.9% increase in May, suggesting the announcement of HomeBuilder led to a further surge in the already increasing interest in new properties.

            “I expect to continue seeing high levels of enquiry to developers as buyers look to capitalise on government incentives and historic low borrowing costs that are currently available,” Mr Kusher said.

            “First home buyer activity increased 28.5% in June when looking specifically at email enquiry on, and it’s likely some of this activity was a result of the HomeBuilder stimulus announcement.

            “It’s no surprise that land estate new development is benefiting from HomeBuilder given the package is geared towards new builds, there are restrictions on construction timeframes that inhibit apartment development, and the Australian dream is to own a house.”

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