HomeBuilder success sees program extended to March 2021
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.
On 29 November 2020, the Government announced an extension to the HomeBuilder program to 31 March 2021.
Changes to the HomeBuilder program include:
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 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.
The existing new build property price cap of $750,000 will continue to apply in all other States and Territories.
A change in licensing requirements and registration for builders, as below:
Where an eligible contract is signed on or after 29 November 2020, the builder must have a valid licence or registration before 29 November 2020.
Where an eligible contract is signed before 29 November 2020, the builder must have a valid licence or registration before 4 June 2020.
Other than the above, the existing program criteria applies. That is, the other existing eligibility criteria remains in place and the $25,000 grant will still be available for eligible contracts signed on or before 31 December 2020.
A summary of the changes to HomeBuilder are outlined here.