Friday, December 11 2020
The Federal Government have announced that HomeBuilder – the scheme that offers cash grants for housing construction projects – has been extended until March 31, 2021.
Currently this scheme provides $25,000 grants to eligible applicants renovating an existing home or building a new one. This programme was due to expire at the end of 2020 but it has now been extended to the end of March next year.
In extending the HomeBuilder program, the Australian Government announced a number of changes:
- The extension period will see the grant value lowered to $15,000.
- Property price caps in New South Wales & Victoria have also been raised to $950,000 and $850,000 respectively.
- Approved applicants will now have six months to begin construction (an extension on the original three month time limit).
- For contracts signed before 29 November 2020, the licence or registration of the builder must be dated before 4 June 2020 and for contracts entered into thereafter, it must be dated prior to 29 November, 2020.
- Applications must be submitted by April 14, 2021.
Prime Minister Scott Morrison stated that “It’s critical we keep the momentum up for Australia’s economic recovery” . The Federal Government have predicted that this extension will lead to a further 15,000 construction projects. The total estimated renovations or builds under the programme is now 42,000.
“Extending HomeBuilder will mean a steady pipeline of construction activity to keep tradies on the tools.”
Are you interested in building or renovating your own home? Now is the time to get the ball rolling, and you don’t have to do it alone!
Contact us today for financial advice and support to get your dream home off the drawing board and into reality.