* Three month extension for construction commencement in Victoria
Due to the introduction of Stage 4 restrictions in metropolitan Melbourne and Stage 3 restrictions in regional Victoria, the Commissioner of State Revenue will provide a blanket extension of 3 months to the construction commencement requirement for the HomeBuilder Grant. This means that all applicants for the HomeBuilder Grant in Victoria have 6 months from the signing of the eligible HomeBuilder contract, to commence construction.
HomeBuilder provides eligible owner-occupiers with a grant of $25,000 to build a new home, substantially renovate an existing home or buy an off-the-plan home/new home. A new home is one that has not previously been sold or occupied as a place of residence (e.g. a spec build) and where construction commenced on or after 4 June 2020. HomeBuilder will assist the residential construction market by
encouraging the commencement of new home builds and renovations this year.
While the eligible contract must be signed between 4 June 2020 and 31 December 2020 (inclusive), construction need not commence prior to 31 December 2020. However, it must commence within three months of the contract date and construction cannot have commenced before 4 June 2020.
HomeBuilder Grant applications are to be lodged via the online portal. Applications must be received by no later than 31 December 2020.
HomeBuilder will complement existing State and Territory first homeowner grant programs, stamp duty
concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme
and First Home Super Saver Scheme.
To access HomeBuilder, owner-occupiers must meet the following eligibility 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 taxable income or later;
$200,000 per annum for a couple based on both 2018-19 taxable income or later.
• you enter into a building contract between 4 June 2020 and 31 December 2020 to either:
build a new home as a principal place of residence, where the property value does not exceed
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 (house and land) does not exceed $1.5 million (pre-renovation);
• construction must commence on or after 4 June and within three months of the contract date.
Are you thinking of renovating/extending or building a new home and would like to find out more please call 0419 121 132.