Good news for new home builders in Queensland with the federal government announcing an extension to the HomeBuilder Grant for an additional three months.
Initially, the HomeBuilder Grant was ending on 31st December 2020 but with the extension, the scheme will end on the 31st March 2021, which is great news. There has been a change to the amount of the grant from $25,000 down to $15,000.
The HomeBuilder is a time-limited grant program to help the residential construction market to bounce back from the Coronavirus crisis. 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.
HomeBuilder will complement existing State and Territory First Home Owner 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.
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 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 Queensland.
- A change in licensing requirements and registration for builders and developers, as below
- If you would like to read more about the changes to the HomeBuilder Grant, please visit the Treasury website here.