HomeBuilder Update: $15,000 Grant Extension
The HomeBuilder Grant assists the residential construction sector by encouraging the commencement of new home builds and renovations. The Grant HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of up to $25,000 to build or substantially renovate an existing home.
On 29 November 2020, the Government announced an extension to the HomeBuilder Grant up to 31 March 2021 which is great news for eligible Stage 3 purchasers, with their land expected to title in Q2 2021 to qualify for the Government’s $15,000 Grant!
Changes to the Grant 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. Applications can now be submitted up to, and including 14 April 2021, for both the $15,000 and $25,000 grants.
- An extension to the construction commencement timeframe to 6 months for ALL HomeBuilder applicants. Victorians were granted this extension back in August 2020 with the onset of Stage 4 restrictions.
- An increase to the property price cap from $750,000 to $850,000 for Victorians signing a building contract between 1 January 2021 and 31 March 2021.
What hasn’t changed with the Grant:
- Existing eligibility criteria which you can read about here.
- The $25,000 grant remains in place for eligible contracts signed on or before 31 December 2020.
As a first home buyer, you may also be eligible for the following incentives:
The First Home Owner Grant – $10,000 for eligible first home buyers.
The First Home Loan Deposit Sheme – Purchase with just 5% deposit without the need to pay Lenders Mortgage Insurance.
First Home Buyer Duty Exemption, Concession of Reduction – As a first home buyer, duty exemption or concession may be available.
The following land and townhome releases at Olivia are eligible for the HomeBuilder Grant:
Register your details today to be the first to know about new releases or call our Estate Manager, Christian Taverna on 0422 871 939 or [email protected], and get a head start on something beautiful at Olivia today!