Have you heard that they’ve extended the HomeBuilder grant? This is fantastic news as the construction industry is an integral part of the Australian economy and we want to make sure you don’t miss out.
HomeBuilder Extended to 31 March 2021
Have you heard that they’ve extended the HomeBuilder grant? This is fantastic news as the construction industry is an integral part of the Australian economy and we want to make sure you don’t miss out.
With this extension comes a few changes. We’ve included a summary below from the government listing these updates:
- 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 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.
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- 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, as below:
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- Where an eligible contract is signed on or after 29 November 2020, the builder must have a valid licence or registration before 29 November 2020.
- Where an eligible contract is signed before 29 November 2020, the builder must have a valid licence or registration before 4 June 2020.
It’s important to note that all the existing criteria for the initial HomeBuilder still apply. Application forms are available on the government’s website. There are different forms depending on which state you live in.
They also conveniently put the grant into table form:
|
HomeBuilder program criteria |
Contracts signed between 4 June and 31 December 2020 (inclusive) |
Contracts signed between 1 January and 31 March 2021 (inclusive) |
|
Grant amount (new builds and substantial renovations) |
$25,000 |
$15,000 |
|
Construction commencement timeframe |
Construction must commence within six months of the contract being signed. |
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|
New build price cap |
Property value cannot exceed $750,000 |
Property value cannot exceed: $950,000 in NSW; $850,000 in Victoria; or $750,000 in all other States and Territories. |
|
Substantial renovation price cap |
The value of the property cannot exceed $1.5 million (pre renovation). |
|
|
Application deadline |
Applications must be submitted to the relevant State Revenue Office by 14 April 2021. |
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Licensing requirements for builders/developers |
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. |
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Other eligibility criteria |
Existing program eligibility criteria remains. |
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For more information, feel free to give our office a call or visit the government’s website here. Also, feel free to email This email address is being protected from spambots. You need JavaScript enabled to view it. to join our mailing list for more relevant updates from Hailston & Co.
