HomeBuilder Grant Extension
On 29th November the Federal Government announced that the HomeBuilder grant will be extended into 2021 and have also added some important changes, making accessing the grant more achievable for many looking to build a new home. These changes help more people in more regions to make their new home dreams a reality.
There has never been a better time to build your new home. We invite you to visit one of our display locations to speak with our team about starting your building journey today.
As you might have heard the Federal Government has extended the period for the popular HomeBuilder program. The HomeBuilder program has now been extended to 31 March 2021.
What is HomeBuilder?
Homebuilder provides eligible owner-occupiers (including first home buyers) with a grant to build a new home or substantially renovate an existing home.
Changes at a glance
We have listed out the changes below, the most significant being the lift in the property value cap by $200,000 and the reduction in the amount of the HomeBuilder grant and construction can now start within six months of contract signing.
What should you do?
If you meet the criteria to be a successful applicant for HomeBuilder and want to know what to do next can we suggest you make an appointment with our one of our sales team.
- The size of the grant has been reduced from $25,000 to $15,000
- The $15,000 grant period runs from 1 Jan to 31 March
- The Price cap has increased in NSW from $750,000 to $950,000
- The construction commencement timeframe has been extended from three months to six months from contract date
- Applications must be submitted to the NSW Office of State Revenue by the 14th of April 2021
- The $25,000 grant still applies to contracts signed on or before 31 December 2020
What’s stayed the same?
- The eligibility criteria still apply, which includes:
- You are a natural person (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 your 2018-19 tax return or later; or
- $200,000 per annum for a couple based on both 2018-19 tax returns or later.
- The grant is not available to investors who do not intend to live n the property
More information can be found here on the Australian Treasury Site.