Extension of the HomeBuilder Grant to 31 March 2021
HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant to build a first-floor addition/ground floor extension/substantially renovate an existing home. HomeBuilder assists the residential construction sector by encouraging the commencement of new home builds and renovations.
On 29 November 2020, the Government announced an extension to the HomeBuilder program to 31 March 2021.
Changes to the HomeBuilder program include:
- A $15,000 grant for building contracts (new builds and first-floor additions/ground floor extensions/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 for the new $15,000 grant 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 1 January 2021, but will also be backdated and apply to all contracts entered into on or after 4 June 2020.
Other than the above, the existing program criteria applies. That is, the other existing eligibility criteria remains in place and the $25,000 grant will still be made available for eligible contracts signed on or before 31 December 2020. More information can be found here: https://www.32degreesbuilding.com.au/get-a-25000-contribution-towards-your-addition-extension-or-renovation-through-the-homebuilder-program/
To take advantage of the HomeBuilder Program and secure your HomeBuilder Grant, it is important that you start the planning process now.