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.