On 29 November 2020, the Australian 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.
Note : 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:
Note : 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.
If you would like to know more about the HomeBuilder Grant, please feel free to have a look at our previous post about it by clicking here.
For more information, please contact us at :
I H Professionals & Co Pty Ltd
Level 17, 9 Castlereagh Street SYDNEY NSW 2000
Email: info@ihprofessionals.com.au
Tel: 02 8041 8276
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