The HomeBuilder Program, originally due to expire at the end of the year, has been extended until 3 March 2021, albeit with some changes. The extension has been welcomed by the residential construction sector and homeowners, particularly those in Australia’s two biggest cities who had previously been ruled out due to the value of their homes. Here’s what you need to know.
What Are the Changes to HomeBuilder?
- The grant amount has decreased from $25,000 to $15,000 (for contracts signed between January and March 2021)
- The maximum property value for new builds has increased from $750,000 to $950,000 in NSW and $850,000 in Victoria
- The timeframe within which construction must start had been extended from three months to six months for all applicants (the contract must have been signed on or after June 4, 2020)
What Other Eligibility Criteria Do I Need to Be Aware of?
Most of the eligibility criteria for the extended HomeBuilder scheme remains the same. A few points to keep in mind.
- Applications must be submitted to the State Revenue Office by 14 April 2021
- Pre-renovation property value must not exceed $1.5 million
- HomeBuilder can be used to build a new home (including first home buyers) or renovate an existing home
According to the abc, the total expected price tag of the scheme is $921 million. Data on the Australian Government Treasury website shows that as of 4 December 2020, there have been 32,464 total applications, 26,290 for new builds and 6,174 for renovations.