Our Leasing & Finance team are busy with applications for the popular HomeBuilder grant, as the deadline to apply for this is looming!

The HomeBuilder grant provides individuals and couples with $25,000 towards building or buying a new home or substantially renovating an existing home that they will own and occupy.

Eligibility criteria:

These criteria apply to all persons, whether applying as an individual or as part of a couple.

• You must not have previously received a HomeBuilder grant in any State or Territory of Australia.
• You must be at least 18 years of age. (Companies and trusts cannot apply.)
• You must be an Australian citizen at the time you apply.
• Your 2018–19 or 2019-20 annual taxable income must be below:
  • $125,000 for an individual
    or
  • $200,000 for a couple.
• You will be the registered owner on the title.
• The home will be your principal place of residence after completion or settlement.
• The contract is signed between 4 June 2020 and 31 December 2020 to:
  • buy an off-the plan or new home valued at $750,000 or less and construction had not started before 4 June 2020
    or
  • build a new home where the build amount and the value of the land (including any existing structures) is $750,000 or less
    or
  • substantially renovate an existing home, where
    • renovations cost between $150,000 and $750,000
      and
    • value of property (home and land before renovation) is less than $1.5 million

After you have signed your contract, there is a 2-step process to follow with strict timeframes.

Step 1: Apply by 31 December 2020. Late applications are not accepted.

Step 2: Provide all supporting evidence by 31 October 2022. Documents supplied after this date will not be accepted.

*** UPDATE ***

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 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 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.
• 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.
• A change in licensing requirements and registration for builders and developers, as below:
  • Where an eligible contract is signed on or after 29 November 2020, the builder or developer must have a valid licence or registration before 29 November 2020.
  • Where an eligible contract is signed before 29 November 2020, the builder or developer must have a valid licence or registration before 4 June 2020.

Other than the above, the existing program criteria apply. That is, the other existing eligibility criteria remain in place and the $25,000 grant will still be made available for eligible contracts signed on or before 31 December 2020.

If you are interested in building, please contact Dan or Kylie today as we need to register your interest before 31 December 2020.