News and Blog

Home Builders Grant Info

Home Builders Grant Info

Oct 7th, 2020 • Home Loans

Please see below information regarding the Government Home Builder Grant.

 

Government HomeBuilder Grant

 

Following the Government announcements regarding the HomeBuilder grant, ANZ continues to work with Government and industry bodies, including the Australian Banking Association (ABA), to ensure Australians can derive maximum value from the scheme.

Under the terms of the HomeBuilder program, customers are required to apply for the grant directly with the relevant State or Territory Revenue Office (SRO) and should refer to the relevant SRO website for application details and eligibility criteria. At this stage, States and Territories are not following a uniform approach.

 

Queensland, Tasmania and South Australia

·         Queensland, Tasmania and South Australia have implemented an eligibility pre-approval step that can be completed during the home loan application. The HomeBuilder grant funds may be treated as ‘funds to complete’ when the customer produces the pre-approval from their relevant SRO.

Off The Plan Purchases: We are only able to accept ‘pre-approval’ as funds to complete for Tasmania for ‘off the plan’ purchases due to the timing that grant will be paid.

For all other States and Territories (and Qld & SA Off the plan), we are unable to accept the HomeBuilder grant as funds to complete. 

We are continuing to work with the ABA and relevant State and Territory Governments to ensure that the HomeBuilder program is as effective as possible for eligible Australians and, as other states and territories align, we will include in this process.

What you need to know

 

 

For Queensland and South Australia (excluding Off the Plan) and Tasmania (including Off the Plan)

·         Provide confirmation in your submission notes that the customer will be using the HomeBuilder grant as part of the funds to complete for construction/renovations/off the plan (Tasmania only).

·         After the customer receives conditional approval on their home loan application, they can submit their HomeBuilder application to the relevant State or Territory Revenue Office.

·         Once the customer receives confirmation that their HomeBuilder grant is pre-approved, you will need to submit the evidence to the assessment team before the home loan application can be fully approved.

 

For all other States and Territories (including QLD & SA Off the Plan)

·         The HomeBuilder grant is unable to be used as funds to complete.

·         The customer will be required to borrow the full amount, including the HomeBuilder grant amount if required.

 

Please Note

  •          The HomeBuilder grant cannot be used as 5% genuine savings.
  •          Unlike the current FHOG process, ANZ will have no oversight or involvement in the process for a customer to apply for the HomeBuilder grant.
  •          The customer will be required to pay the HomeBuilder grant funds directly to their Builder for construction/renovation scenarios.
← Return to Blog