The HomeBuilder Program has been extended by the Federal Government until 31 March 2021. This is welcome relief for those wanting to build their home, but have faced unforeseen changes this year. The extension does however come at a lower rate than the previous grant.
The HomeBuilder Program offer’s a $25,000 grant to eligible people building a new home, or renovating an existing property. The current program is scheduled to finish at the end of 2020.
This week Scott Morrison announced that the HomeBuilder program will be extended until March 31. However contracts signed between January and March next year will attract a lower rate of $15,000. Although the grant is lower, it is welcome relief for those planning to build their own home.
Another great thing about this change is that property price caps for new builds in two states will be lifted for contracts signed between January and March. New South Wales caps will rise to $950,000 and $850,000 in Victoria.
Finally, approved applicants who signed contracts on or after June 4, 2020, will be given an additional 3 months to start construction. Originally the time limit was three months to begin, however it has now been extended to six months. Given the changes this year, this is another way the government is helping those wanting to build their own home.
Have you been thinking about building your own home, but don’t know where to start? With the recent State and Federal Government announcements on HomeBuilder Grant and Stamp Duty Savings, there has never been a better time to build your home. Our friendly team are here to make the process as easy and transparent as possible. Get in touch with our team by leaving your details in the form here, and one of our home consultants will be in touch.
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