In more good news for those who are planning to build a new home rather than buy an established one, the Federal Government has announced an extension of its HomeBuilder program to further assist new home builders whilst adding extra stimulus to the economy by assisting the residential construction sector as we emerge from the coronavirus lockdown.
The HomeBuilder program provides eligible owner-occupiers, (including first home buyers), with a financial grant to assist in building a new home or substantially renovating an existing home. HomeBuilder
In summary, the latest changes to the HomeBuilder program include:
- A $15,000 grant for building contracts (both new builds and major renovations) signed between January 1st and March 31st, 2021.
- An extended deadline for all HomeBuilder applications to be submitted, whether you are applying for the initial $25,000 grant that was announced in June this year, or the new $15,000 grant. All applications now have until April 14th, 2021 to be submitted.
- The construction commencement timeframe has also been extended from three months to six months for all HomeBuilder applicants. This extension not only applies to eligible building contracts signed on or after January 1st, 2021, but also includes contracts entered into after June 4th, 2020.
- The property price cap for new building contracts in Victoria has been lifted to $850,000, and to $950,000 in New South Wales, where the contract is signed between 1 January 2021 and 31 March 2021. The previous property price cap of $750,000 will continue to apply in all other States and Territories.
Of course, before you commit to the complicated and potentially stressful process of signing a building contract or a contract for a house and land package, it is always wise to seek independent experienced advice. So, if you or a member of your family would like some assistance in this area, or any other property-related question for that matter, be sure to give us a call at Ian Reid Buyer and Vendor Advocates on 9430 0000.
You may also find lots of helpful tips in our free booklet, “Fatal Real Estate Traps Exposed”.