In good news for the construction industry and homeowners, the popular HomeBuilder program has been extended until 31 March 2021. Originally due to expire at the end of the year, the Federal Government has decided to keep the program running in an effort to boost Australia’s economic recovery.
– Scott Morrison
There are some significant changes to the program after 31 December 2020. Here’s what you need to know.
How Much Is the HomeBuilder Grant?
For contracts signed up until 31 December 2020, homeowners can claim $25,000. For contracts signed between 1 January 2021 and 31 March 2021, the grant amount reduces to $15,000. In both scenarios, construction must commence within six months of the contract being signed. The application deadline is 14 April 2021.
What Other Changes Have Been Made to HomeBuilder?
The other major change to HomeBuilder is the maximum property value. Previously, the maximum property value for new homes could not exceed $750,000 which excluded many homeowners in Sydney and Melbourne. From 1 Jan 2021, maximum property values have increased to $950,000 in NSW and $850,000 in Victoria. The maximum property value in Tasmania remains at $750,000.
For renovations, the pre-renovation value of the property cannot exceed $1.5 million.
How Do I Apply?
Visit The Treasury website to read all the eligibility criteria and then download the HomeBuilder Grant Application Form and Lodgement Guide. As of 4 December 2020 there have been a total of 32,464 applications (data from Australian Government Treasury website)