The Treasury’s Economic Response to the Coronavirus
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 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 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.
How we can help
Aussies have used these grants to get into their dream homes sooner, or renovate their existing home. We, at Finance Mutual Australia, have personally helped dozens of our clients take advantage of this opportunity. We are experts at finding the perfect loan for your financial and lifestyle needs. If you would like to use HomeBuilder to upgrade or build your home, please do not hesitate to get in contact with us.
HomeBuilder: Further information
For further information on eligibility and the application process, please refer to the HomeBuilder guidelines and application form available on the RevenueSA website.