Exciting news – the HomeBuilder program will be extended to 31 March 2021!
HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant to build a new home! Here are the key changes to the grant in 2021:
- 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 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.
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.
How Do I Know If I’m Eligible?
- You must not have previously received a HomeBuilder grant in any state or territory of Australia.
- You must be at least 18 years of age (companies and trusts cannot apply).
- You must be an Australian citizen at the time you apply.
- Your 2018–19 or 2019-20 annual taxable income must be below $125,000 for an individual or $200,000 for a couple.
- You will be the registered owner on the title.
- The home will be your principal place of residence after completion or settlement.
- The contract is signed between the dates above where the build amount and the value of the land (including any existing structures) is $750,000 or less
- The contract is entered into at arm’s length or otherwise at a fair market price.
- Construction must commence within six months of the contract being signed.
- Applications must be submitted to the relevant State Revenue Office by 14 April 2021.
Can I Access The HomeBuilder Grant As Well As The First Home Owner Grant?
Yes! If you’re eligible for both the HomeBuilder Grant and the First Home Owner grant, you will be able to receive both—giving you a total of $30,000 in grants plus stamp duty concessions (if eligible).
When will the grant be paid?
The grant is paid into your nominated bank account after all the supporting evidence is submitted, including evidence that the foundations have been laid and the first progress payment has been made.
If you have borrowed from a financial institution, you can nominate the payment to go directly to your mortgage account.
Where can I go for more information?
We encourage you to book a free, no-obligation appointment with our Sales Manager, Kyle who will assist in finding a lot and home design to suit your needs and that falls within the eligibility requirements. You can book an appointment by completing the webform below.
FAQs and more information is available on the Treasury website.
To read the announcement regarding the extension, visit the following blog: https://treasury.gov.au/coronavirus/homebuilder