HomeBuilder grant extended - what you need to know
What is it?
Recently the Federal government announced an extension to the HomeBuilder program which provides cash grants to eligible customers.
This extension allows customers signing a building contract between 1 January 2021 and 31 March 2021 to be eligible for a $15,000 grant. Additionally, the government has also extended deadlines for commencement timeframes from 3 months to 6 months for all HomeBuilder applicants. These will be backdated to apply to all applications already submitted.
An increase to the property price threshold for New South Wales ($950,000) and Victoria ($850,000) has also been extended for the freshly announced $15,000 grant between 1 January 2021 and 31 March 2021.
When should I start?
We urge any customers willing to take advantage of the freshly announced changes to act with urgency as there are a few steps required prior to signing a building contract. Our team of experts will be here to guide you through the building process.
Call 13BURBANK or talk to one of our New Home Consultants who can set up your appointment today.
But hurry, appointments are filling fast!
Criteria & Details
See below for the details of the newly announced changes:
|HomeBuilder program criteria
||Building Contracts signed between 4 June and 31 December 2020 (inclusive)
||Building Contracts signed between 1 January and 31 March 2021 (inclusive)
|Grant amount (new builds and substantial renovations)
|Construction commencement timeframe
||Construction must commence within six months of the contract being signed.
|New build price cap
||Property value cannot exceed $750,000
Property value cannot exceed
* $950,000 in NSW;
* $850,000 in Victoria; or
* $750,000 in all other States and Territories
|Substantial renovation price cap
||The value of the property cannot exceed $1.5 million (pre renovation).
||Applications must be submitted to the relevant State Revenue Office by 14 April 2021.
|Licensing requirements for builders/developers
||* 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 eligibility criteria
Existing program eligibility criteria remains:
* You are an individual, not a company or trust
* You are aged 18 years or older
* You are an Australian citizen
* You meet one of the following two income caps:
* $125,000 per annum for an individual applicant based on 2018/19 tax return or later; or
* $200,000 per annum for a couple based on your combined on 2018/19 tax return or later;
Is it just for First Home Buyers?
No, it’s not! It is open to all people looking to build their dream home, as long as they fit the criteria above.
However First Home Buyers will also have access to any relevant grants and concessions offered by state governments, and also the First Home Loan Deposit Scheme – for more info on that, refer to our blog post here
How do I get it?
You need to lodge your application online directly with your relevant state or territory government treasury department. Application processes may differ across states and territories. More information will be made available by each state government as eligibility for the extension open in the new year.
- Victoria – link here
- New South Wales – link here
- Queensland – link here
- South Australia – link here
- Australian Capital Territory – link here