The Federal Government’s HomeBuilder initiative has been extended until 31 March 2021, but the amount of the grant will be reduced.
Currently, the scheme provides grants of $25,000 to eligible owner-occupiers building a new home or substantially renovating an existing home. These grants are available for building contracts signed between 4 June and 31 December 2020, where construction or renovation commences within three months of the contract date. The scheme, which aims to support the construction industry, had been due to expire at the end of the year. Extending the scheme is expected to encourage thousands of additional construction projects to help Australia’s economic recovery.
In addition to the extension, changes to the scheme include:
- A lower grant amount of $15,000 for building contracts (new builds and substantial renovations) signed between 1 January and 31 March 2021, inclusive.
- An extended deadline of 14 April 2021, inclusive, for all applications to be submitted.
- An extension to the construction commencement timeframe from three months to six months for all HomeBuilder applicants.
- 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. The existing new build property price cap of $750,000 will continue to apply in all other states and territories.
Provided you satisfy the stringent eligibility criteria, the grant will be paid by your relevant state or territory authority. Please note that owner builders and those intending to build or renovate an investment property are ineligible for HomeBuilder.
Should you wish to apply for the HomeBuilder grant, you should contact your relevant state or territory authority.
We’re ready to help you
At G&C Mutual Bank, we have a range of home loans available for construction purposes. If you’re looking to renovate, we can also assist with refinancing and top ups. First home buyers can take advantage of our award-winning First Home Premium Package. Whether your goal is to build your new home or renovate your existing home, we’re ready to help you. Apply online or contact us to find out more.