Due to the success of the HomeBuilder program, the Government has announced that they are extending it to 31 March 2021.
What is HomeBuilder?
HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant to build a new home or substantially renovate an existing home. HomeBuilder assists the residential construction sector by encouraging the commencement of new home builds and renovations.
Changes to HomeBuilder
- A $15,000 grant for building contracts (new builds and substantial renovations) signed between 1 January 2021 and 31 March 2021, inclusive.
- An extended deadline for all applications to be submitted, including those applying for the $25,000 grant and the new $15,000 grant. Applications can now be submitted up until 14 April 2021 (inclusive). This will apply to all eligible contracts signed on or after 4 June 2020.
- An extension to the construction commencement timeframe from three months to six months for all HomeBuilder applicants. This will apply to all eligible contracts signed on or after 1 January 2021, but will also be backdated and apply to all contracts entered into on or after 4 June 2020.
- An increase to the property price cap for new build contracts in New South Wales and Victoria to $950,000 and $850,000, respectively, where the contract is signed between 1 January 2021 and 31 March 2021, inclusive.
- A change in licensing requirements and registration for builders and developers.
Other than the above, the existing program criteria apply. That is, the other existing eligibility criteria remain in place and the $25,000 grant will still be made available for eligible contracts signed on or before 31 December 2020.
Find out more here.
This is great news for purchasers, especially First Home Buyers, and coupled with our low $10k deposit on selected lots it means that building your dream home has never been so affordable.
Get in touch with us today via the form below and find out which lots can avail of the HomeBuilder extension.