HomeBuilder is subject to two prices: a contract price cap (for new builds and renovations) and an income
cap for applicants.
Contract price cap
A national price cap of $750,000 will apply for new home builds. This means that the value of new builds
(house and land), house and land packages, and off-the-plan purchases must not exceed $750,000 to be
eligible for HomeBuilder.
For renovations, a building contract price range of between $150,000 and $750,000 will apply and the total
value of your property before renovation must not exceed $1.5 million.
Income price cap
Eligible applicants must meet one of the following two income caps:
- $125,000 per annum for an individual applicant based on your 2018-19 taxable income or later; or
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- $200,000 per annum for a couple based on both 2018-19 taxable income or later.
The income price cap, as well as the eligibility criteria for the applicant, were chosen to reduce complexity
as they align with the Commonwealth Government’s First Home Loan Deposit Scheme.