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Extension of HomeBuilder - what you need to know

On 29 November 2020, the Government announced an extension to the HomeBuilder program to 31 March 2021.

Changes to the HomeBuilder program include:

  • Amount of the Grant: A $15,000 grant for building contracts (new builds and substantial renovations) signed between 1 January 2021 and 31 March 2021(inclusive).
  • Application timeframe: 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.
  • Commencement timeframe: 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, and those entered into on or after 4 June 2020.
  • Change to the property price caps: An increase to the property price cap where the contract is signed between 1 January 2021 and 31 March 2021 (inclusive) for new build contracts (house and land) in NSW and Victoria:
    • NSW to $950,000.
    • Victoria to $850,000.
    • Other states and territories remain at $750,000.
  • Builder licensing/registration requirements:
    • Where an eligible contract is signed on or after the 29 November 2020, the builder must have a valid licence/registration before 29 November 2020.
    • Where an eligible contract is signed before 29 November 2020, the builder must have a valid licence/registration before 4 June 2020.
  • All other existing program criteria applies: That is, the other existing eligibility criteria remains in place and the $25,000 grant will still be made available for eligible contracts signed on or before 31 December 2020.

Set out below is a summary of both the current and extended HomeBuilder program requirements.

Current and Extended HomeBuilder program requirements

HomeBuilder program criteria Contracts signed between 4 June and 31 December 2020 (inclusive) Contracts signed between 1 January and 31 March 2021 (inclusive)
Grant amount (new builds and substantial renovations) $25,000 $15,000
Construction commencement timeframe Construction must commence within six months of the contract being signed.
New build price cap Property value cannot exceed $750,000 Property value cannot exceed:
  • $950,000 in NSW;
  • $850,000 in Victoria; or
  • $750,000 in all other States and Territories.
Substantial renovation price cap The value of the property cannot exceed $1.5 million (pre renovation).
Application deadline Applications must be submitted to the relevant State Revenue Office by 14 April 2021.
Licensing requirements for builders/developers
  • Where an eligible contract is signed on or after the 29 November 2020, the builder or developer must have a valid licence or registration before 29 November 2020.
  • Where an eligible contract is signed before 29 November 2020, the builder or developer must have a valid licence or registration before 4 June 2020.
Other eligibility criteria Existing program eligibility criteria remains.

Contact a HIA Workplace Adviser on 1300 650 620 for further information and advice.