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 Victoria to $850,000, where the contract is signed between 1 January 2021 and 31 March 2021, inclusive.
Please let us know if you require any further clarification or if we can help you in bringing your dream home to life: www.elitebuilding.com.au
You may also visit the Treasury website here for more information.
