HomeBuilder Grant Extended

Author: By Lawyers

The Federal Government has announced an extension to the HomeBuilder scheme to 31 March 2021, however the grant amount has been reduced to $15,000. The $25,000 grant is still available, with amended eligibility criteria, for building contracts signed on or before 31 December 2020.

HomeBuilder $25,000 grant

For building contracts signed between 4 June 2020 and 31 December 2020, a $25,000 grant is available to certain individuals who build a new home or buy an off the plan home, or substantially renovate an existing home. The grant cannot be used to buy an existing house and is limited to Australian citizens earning less than $125,000 or couples earning less than $200,000.

The value of new builds is capped at $750,000. For renovations, the home must be worth less than $1.5 million before the renovation, and projects must cost between $150,000 and $750,000.

The building contract must be signed between 4 June 2020 and 31 December 2020, and work must commence within six months of the contract date.

Applications must be submitted by 14 April 2021.

HomeBuilder $15,000 grant

For building contracts signed between 1 January 2021 to 31 March 2021, a $15,000 grant is available to certain individuals who build a new home or buy an off the plan home, or substantially renovate an existing home. The grant cannot be used to buy an existing house and is limited to Australian citizens earning less than $125,000 or couples earning less than $200,000.

The value of new builds is capped at $950,000 for NSW, $850,000 for VIC and $750,000 for all other States and Territories. For renovations, the home must be worth less than $1.5 million before the renovation, and projects must cost between $150,000 and $750,000.

The building contract must be signed between 1 January 2021 and 31 March 2021, and work must commence within six months of the contract date.

Applications must be submitted by 14 April 2021.

If you require any assistance regarding your property matter, we suggest you contact one of our property lawyers. We can be contacted on 07 3808 7777 or business@mclaughlinlawyers.com.au.