The BuildBonus grant closed on 14 April 2021.
The BuildBonus grant was introduced in February 2019 to help Territorians fulfil their dream of building their new home.
A new home is one that has never been previously lived in or sold as a place of residence.
If you are buying or building a new home in which you will live, you can apply for a BuildBonus grant.
The grant has been extended to 31 March 2021 and the cap on the number of grants has been lifted.
The grant is $20,000 for contracts signed before 31 December 2020.
For contracts signed between 1 January and 31 March 2021 it will be $12,000.
Eligibility for the grant is not restricted by prior ownership.
To be eligible for the grant, you must have entered into a contract to build or buy a home, or have started construction as an owner builder on or after 8 February 2019 and before 1 April 2021.
For more information on eligibility, see application under the 'how to apply' section.
The earliest date on which you can apply for BuildBonus will depend on the type of transaction you have entered into.
The requirements are outlined in table 1 below. To avoid delays in processing your application, you must ensure all requirements are met and all required documents are included with your application.
An exception applies for applicants who have entered in to a contract to build and are directing the funds to their financial institution to hold in lieu of the first or subsequent progress payment.
In these cases, applicants can lodge an application once the contract to build has been executed and an expected date for commencement of construction is provided by the builder.
Applicants who have executed a contract to build and the land on which they are building has settled in their name(s) prior to 14 April 2021 may lodge their application before construction commences.
Table 1: When to lodge an application
|Type of transaction||When you can apply|
|Purchase of a new unit or new home||When you enter into a contact of sale|
|Contract to build||After commencement of construction (see exception above)|
|Owner builder||On completion of construction|
The BuildBonus grant closed on 14 April 2021.
Table 2: Supporting documents
|Type of transaction||Supporting documentation required|
|Purchase of a new unit or new home|
A copy of the exchanged contract of sale dated and signed by all parties.
A declaration by the vendor that the property is a new unit or a new home for the purpose of BuildBonus (see the definition in the explanation of key terms in the application).
Choose from either the:
Evidence that settlement has occurred (unless section 9 of the application has been completed).
|Contract to build|
A copy of the contract to build, dated and signed by all parties.
If the contract states a completion date within 18 months from construction commencing, or you have a builder’s letter to that effect, evidence that progress payments excluding the deposit of at least $20,000 (or $12,000 for contracts signed after 31 December 2020) have been paid to the builder (unless section 5 of the application has been completed) for the base stage of construction.
If the contract does not state that construction will be completed within 18 months of commencement, you must provide evidence that construction was completed within 18 months of commencement. This will generally be a copy of the occupancy permit or, if outside the building control area, a declaration from the builder.
If the home is in a building control area, an occupancy permit issued under the Building Act 1993 will suffice as evidence of construction completed. If the home is outside of a building control area, refer to the Commissioner’s Guideline CG-HI-006 Meaning of a 'home' or contact the Territory Revenue Office for the evidentiary requirements.
The date your BuildBonus grant is paid depends on the type of transaction you enter into. Table 3 details the earliest dates the grant will be paid for the various transaction types.
Payment will be made by electronic funds transfer to your nominated bank account, generally within 10 to 15 business days of lodging the application, provided the application form is complete and all supporting information (see table 3 below) is provided.
For the purchase of a new unit or new home, your BuildBonus grant can be made available for settlement by arrangement with your conveyancer or solicitor. In these circumstances, your conveyancer or solicitor must complete section 6 of the application form.
The BuildBonus grant payment will be deposited in the trust account of your conveyancer within five business days of the scheduled settlement date or within 10 to 15 business days of lodgement of the application form together with all relevant supporting information, whichever occurs later.
For a contract to build, your BuildBonus grant can be made available for the first or subsequent progress payment by arrangement with your financial institution. In such circumstances, a representative from your financial institution must complete section 7 of the application form.
Your BuildBonus grant payment will be deposited in the nominated account of your financial institution within five business days of the expected date for commencement of construction or within 10 to 15 business days of lodgement of the application form and supporting information, whichever occurs later.
Table 3: When payment will be made
|Type of transaction||When payment is made|
|Purchase of a new unit of home||When your name is registered on the title. An exception applies where payment is being made to your conveyancer for settlement – see above or contact Territory Revenue Office for more information|
|Contract to build|
If the contract states construction will be completed within 18 months of commencement or a letter is received from the builder confirming same, when progress payments (excluding deposit) of at least $20,000 (or $12,000 for a contract signed after 31 December 2020) have been paid
if the contract does not state construction will be completed within 18 months of commencement, when construction has been completed
if the contract relates to the construction of a duplex, when separate titles have been issued for the homes in the duplex and ownership of those homes has become different.
An exception applies where payment is being made to your financial institution – see above or contact Territory Revenue Office for more information
|Owner builder||On completion of construction - this is generally when a certificate of occupancy has been issued|
Last updated: 15 April 2021
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