Govt. HomeBuilder Grant Extension
We are pleased to report the Government HomeBuilder Grant has been extended as per their announcement on 29 November 2020! We are committed to helping Queensland families continue to build their dream homes and get back on track to achieving their goals, so this is great news for all. For all information please read on below.
On 29 November 2020, the Australian Government announced the extension of the HomeBuilder Grant to 31 March 2021. However, with some changes to the program. They 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.
- The existing new build property price cap of $750,000 will continue to apply to Queensland
The other eligibility requirements still remain. In order to be eligible for the HomeBuilder grant, you must meet the following criteria:
- you are a natural person (not a company or trust);
- you are aged 18 years or older;
- you are an Australian citizen;
- you meet one of the following two income caps: $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or $200,000 per annum for a couple based on both 2018-19 tax returns or later;
- you enter into a building contract between 1 January 2021 and 31 March 2021 to either:
- build a new home as a principal place of residence, where the property value does not exceed $750,000;
- or substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million i.e. Knockdown Rebuild;
- construction must commence within three months of the contract date. Clients must satisfy HIA Contract Clause 2, 7 & 10 in order for construction to commence.
ORIGINAL HOMEBUILDER GRANT
For all information on the original HomeBuilder grant, click here.