09 Dec HomeBuilder 2.0
The popular Government scheme has been extended
Great news on the Government’s decision to extend the HomeBuilder grant program.
An extra 3 months to apply and an extra 3 months to commence your build or reno
Initially due to finish by the end of the year, the Government program offering cash grants for housing construction and major renovation projects program will now be extended until March 31 next year, although at a lower rate than before.
The scheme was developed as part of the government’s Covid19 stimulus package and is designed to get ‘tradies back on the tools’.
Changes to the HomeBuilder grant include an extension to the commencement of construction timeframe from 3 months to 6 months. This will be backdated to apply to all contracts entered into on or after 4 June 2020.
This is great news for those still wanting to apply for the original $25,000 grant and can sign a contract before the end of year. You will now have 6 months to be shovel-ready from the time of signing a contract with a registered builder.
For contracts signed after the end of the year, changes to the original HomeBuilder program include:
- An extension of applications from the end of the year to March 31, 2021.
- A $15,000 grant for building contracts (new builds and substantial renovations) signed between 1 January 2021 and 31 March 2021, inclusive. This is a reduction from the initial $25,000 grant.
- An extended deadline for all applications signed on or after 4 June 2020, up until 14 April 2021.
- An increase to the property price cap for new build contracts in New South Wales and Victoria ($950,000 and $850,000 respectively). The existing cap of $750,000 will continue to apply in all other States and Territories.
There have been around 24,000 applications made for the scheme so far, with around 80% for new builds and 20% for major renovations.
Award-Winning Peter Searle Design will not only bring your dream to life, but guide you through the steps you need to take to make that dream a reality.
Contact us today! Peter is licenced in both Victoria and Queensland, and can have your plans ready to go in the time frame required.
To read our blog on the original scheme, click here
REGISTER YOUR INTEREST
Visit the Treasury’s HomeBuilder page to find fact sheets and register for updates: https://treasury.gov.au/coronavirus/homebuilder
Remember, you still need to have your eligible contract signed by the end of the year and start the project within 6 months of signing to to be eligible for the original $25,000 grant. Contracts signed between January 1 and March 31, 2021 will be applying for the extended $15,000 grant.
First Home Owners Grant: https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant
Regional Home Building Boost Grant: https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/regional-home-building-grant
First Home Owners Grant: https://www.sro.vic.gov.au/first-home-owner