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In the wake of COVID-19, the Australian government announced the introduction of a temporary new home building stimulus package to help all Australian’s who are looking to build a new home. This package was called the HomeBuilder Grant.
The HomeBuilder Grant finished on the 31st March 2021 and can no longer be claimed by buyers.
The deadline for the HomeBuilder Grant was the 31st of March 2021. The government is now no longer accepting new claims for the HomeBuilder Grant.
However, if you are a First Home Buyer, you may still be eligible for the First Home Buyers Grant. To check your eligibility, get in touch with our team today.
On November 29th 2020, the Australian Government announced a number of updates to the temporary HomeBuilder Grant that was introduced in June as a part of Australia’s economic recovery plan.
From January 1st 2021, the HomeBuilder Grant will be given to eligible applicants at the reduced amount of $15,000. This reduced grant will be in place until March 31st 2021.
In addition to this, there have been a number of other changes to the grant including:
- An extended deadline for all applicants to have their paperwork submitted. All applicants who have signed a contract from the 4th of June will now have until April 14th 2021 (inclusive) to submit their signed contracts
- An extension to the construction commencement timeframe from 3 months to 6 months. This will also apply to all applicants who have signed their contracts from June 4th 2020.
- An increase to the property price cap for new builds in NSW and VIC to $950,000 and $850, 000 respectively. This change in criteria is applicable to applicants who have signed their contract between January 1st 2021 and March 31st 2021.
The HomeBuilder Grant is another initiative championed by the Australian Government to help repair our country’s economy by putting dollars in residents pockets and boosting the construction industry.
This new tax-free grant is available to people looking to build a new home or significantly renovate their current home.
If you want to take advantage of the HomeBuilder Grant, then you must enter a building contract to:
- build a new principal place of residence where the total value of the home (house and land) does not exceed $750,000 (from January 1st 2021 $850, 000 VIC or $950, 000 NSW); or
- substantially renovate an existing as your principal place of residence where the renovation contract is between $150,000 and $750,000, and the total value of the home (house and land) doesn’t exceed $1.5 million.
Importantly, construction of the home must commence within six months of the contract date.
The new HomeBuilder Grant is available to all eligible applicants who sign their contract between 4 June 2020 and 31 March 2021, and begin construction within 6 months of signing the contract.
Yes, you may be able to use the new grant in conjunction with existing government grants, depending on eligibility.
Depending on eligibility, there are a number of possible grants and incentives available to people looking to build a new home.
To help you understand what you might be eligible for, have a look at the table below.
Once the government of the state or territory that you live in signs the National Partnership Agreement with the Commonwealth Government, you will be able to apply. The funds will then be paid to you as long as you meet the eligibility requirements.
Contact your state or territory government for more information.
You may still be eligible to receive the HomeBuilder Grant. However, keep in mind that the value of the land and the build cost combined cannot exceed the property price caps set by the Government.
No, unfortunately not. The HomeBuilder Grant is not available to those looking to build or renovate a property that will be used as an investment property.