HomeBuilder scheme: Are you eligible for the Government’s $25,000 cash grant?

Eligible Australians will receive $25,000 cash grants to cover home building or renovation, in an effort to turbocharge the construction industry and build 30,000 homes by end of year.

The $688 million HomeBuilder program is expected to support 140,000 direct construction jobs - along with a further 1 million workers in the residential building sector - which risk disappearing once projects already in the pipeline wrap up.

The one-off payments will be available to individuals making less than $125,000 a year and couples making less than $200,000, and are to be used for new builds valued up to $750,000 or renovations worth between $150,000 and $750,000.

“If you’ve been putting off that renovation or new build, the extra $25,000 we're putting on the table, along with record-low interest rates, means now's the time to get started,” said Prime Minister Scott Morrison.

"This is about targeted taxpayer support for a limited time using existing  systems to ensure the money gets used how it should by families looking for that bit of extra help to make significant investments themselves.”

The announcement comes after weeks of lobbying by industry bodies for the Government to throw its support behind Australia's home builders and tradies. 

CEO of Master Builders Australia Denita Wawn came out in support of the program today, saying it’s a necessary step towards revitalising a struggling construction industry and kickstarting the economy.

“HomeBuilder will be a lifeline for an industry facing a valley of death in the coming months. It will mean more new homes, more small businesses and jobs are protected and provide a stronger bridge to economic recovery for our country,” she said.

“Residential building activity gives back more than double to the communities that sustain it with every $1 invested in home building activity providing $3 to the wider economy.

“This means that HomeBuilder will provide a boost for thousands of tradies; the cafes, pubs, and ute dealerships that they frequent; as well as the thousands of building supply businesses that depend on the industry.”

What exactly is on offer?

The HomeBuilder package is restricted to owner occupiers who are planning new builds or substantial renovations. 

The grants can be used on new homes valued at under $750,000 (including land), or on renovations worth between $150,000 and $750,000, so long as the pre-renovation value of the property is below $1.5 million.

According to the Morrison government, construction must commence within three months of the contract date.

Investment properties are not eligible for the subsidy, and neither are outdoor fixtures like swimming pools, tennis courts, spas, sheds or garages.

Another requirement is the involvement of builders. Owners won’t be able to receive the payment if they intend on building or renovating on their own.  

Finally, as mentioned above, the grants will be limited to individuals earning less than $125,000 per year and couples earning less than $200,000 per year. 

For options on how to fund your renovation or build head over to Mozo's refinance section to compare deals.

Home loan comparisons on Mozo - last updated 4 March 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Offset Home Loan

    Package, Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.15% p.a. variable
    6.40% p.a.

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.11% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Straight Up

    Obliterate, Owner Occupier, Principal & Interest, <50% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.24% p.a. variable
    6.24% p.a.

    Get a low variable rate depending on your deposit with Athena’s Straight Up Variable Home Loan. AcceleRATES feature helps you to reduce your home loan even faster (T&Cs apply). Zero fees to pay. Free redraw facility. Handy mobile app to manage your home loan.

  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.64% p.a.
    fixed 3 years
    6.52% p.a.

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.


* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.