Once again, the Government has breathed new life into the HomeBuilder scheme, this time with an extension. See a summary of the need to knows below to be read with our first two HomeBuilder updates. Not sure where to start? Our first blog on the Scheme is here and the first round of updates are here.
What are the key changes?
The original HomeBuilder Scheme providing $25,000 to eligible dwellings was due to wind up on 31 December 2020.
From the 29 November, eligibility will extend in the following ways:
👉🏻 Contracts entered into on or before 31 December 2020 will still be eligible for the original $25,000 HomeBuilder Grant;
👉🏻 Contracts for new builds and substantial renovations signed between 1 January 2021 and 31 March 2021 (inclusive) will now be eligible for a $15,000 HomeBuilder Grant; and
👉🏻 The deadline for applications for the HomeBuilder Grant for all contracts signed between 4 June 2020 and 31 March 2021 (inclusive) has been extended until 14 April 2021.
The price cap on new build contracts is currently $750,000.
For new builds in Victoria and New South Wales, any contracts signed between 1 January 2021 and 31 March 2021 (inclusive) will see an increase in price cap to $850,000 and $950,000 respectively.
The existing price cap of $750,000 continues to apply in all other states and territories.
Licensing and Builder Registration Requirements
For all contracts signed on or after the 29 November, the builder or developer must have a valid licence or registration dated before 29 November 2020.
For any contracts signed before 29 November, the licence or registration must be valid before 4 June 2020.
All existing eligibility criteria remains the same.
We have neatly summarised everything you need to know about being eligible for the HomeBuilder Grants in our first two HomeBuilder Updates. Click here and here for more info.
Important points to remember include:
👉🏻 that construction must commence within 6 months of the contract being signed for all contracts receiving the HomeBuilder Grant; and
👉🏻 the value of a property being renovated cannot exceed $1.5 million (pre renovation).
Register with the ACT Revenue Office before the 31 December 2020. Note registration does not necessarily mean you will be eligible for the grant.
Click here for Part A of the online process
Once you have registered you will need to complete Part B, a comprehensive form which requires detailed information about you, your builder the construction and supporting documentation. This must be submitted by 31 October 2022.
Click here for Part B of the online process
Property sales across the country are 31.6 per cent higher in the three months to October 2020. If you’re thinking about buying property, click here to start your property journey!