HomeBuilder Grant Update
As of 29 November 2020, the HomeBuilder Program has been updated to further encourage the economy and cover previously mentioned construction start and application deadlines.
The federal government announced the below changes/updates;
• The $25,000 grant will be replaced with a $15,000 grant for building contracts 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.
• The construction commencement timeframe has been extended from three months to six months for all HomeBuilder applicants. This will apply to all eligible 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.
If these updates put you in a better financial position to make your property dreams a reality, request your obligation-free new home quote or talk to one of our knowledgeable consultants.