Are you eligible for the HomeBuilder grant?
HomeBuilder Grant - UPDATE
Construction commencement requirement extended from 6 to 18 months - On 17 April 2021, the Australian Government announced it would extend the construction commencement requirement from six months to 18 months for all applications (i.e. for all contracts signed 4 June 2020-31 March 2021 inclusive).
Previously, The government had announced the HomeBuilder program would be extended till 31 March 2021, from the previous cut off date of 31 December 2020. So an extra 3 months to take advantage of this generous grant.
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. 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.
- 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 and developers, as below
- Where an eligible contract is signed on or after the 29 November 2020, the builder or developer must have a valid licence or registration before 29 November 2020.
- Where an eligible contract is signed before 29 November 2020, the builder or developer must have a valid licence or registration before 4 June 2020.
Other than the above, the existing program criteria applies. The other existing eligibility criteria remains in place and the $25,000 grant will still be made available for eligible contracts signed on or before 31 December 2020.
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