As a shining light at the end of a unprecedented year, the government announced on Sunday 29th November that the HomeBuilder Grant would be extended from ending on December 31st 2020 to ending on March 31st 2021.
This announcements creates a new hope for first home builders who may not have otherwise made the December 31st deadline. The announcement is as follows:
"As recently announced, the HomeBuilder program will be extended to 31 March 2021.
Changes to the HomeBuilder program include:
• A $15,000 grant for building contracts (new builds and substantial renovations) signed between 1st January 2021 and 31st 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.
- 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. That is, 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."
- Source: Australian Government, The Treasury.