Government stimulus package for the home renovation & building industry 

45 Palm Road Renovation

Just in case anyone missed yesterday’s announcement the HomeBuilder grant has been extended with slightly different terms, summarised below.

HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant to build a new home or substantially renovate an existing home. HomeBuilder assists the residential construction sector by encouraging the commencement of new home builds and renovations.

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 increase to the property price cap for new build contracts in New South Wales and Victoria to $950,000 and $850,000, respectively, where the contract is 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.
    • The existing new build property price cap of $750,000 will continue to apply in all other States and Territories.

 

Home Renovations and Builder stimulus application

 

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