As of 29 November 2020, the HomeBuilder Program has been updated to further stimulate the economy and extend previously mentioned construction start and application deadlines.
This post will explain these updates in more detail but please refer to our original HomeBuilder post if you are brand new to learning about the grant.
PLEASE NOTE: Our deposit cut-off date for those looking to apply for the $25K HomeBuilder Grant was Sunday 29th November. However, you can still deposit with us and claim the recently announced $15K HomeBuilder Grant which is now available for contracts signed between 1 January and 31 March 2021.
So, what's new?
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.
These updates are fantastic news if you may have missed out on the $25K grant or were worried about application or construction deadlines. Please still be aware that all other eligibility criteria will still need to be met. You can view these criteria as well as information on how to apply for the grant on our original HomeBuilder post.
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 visit one of our Display Homes to talk to one of our knowledgeable New Home Coaches.
Other HomeBuilder Resources
(i) Treasury Website