Victorian home builder details released – VIC
July 26, 2020
The Victorian Government has today released the details of how the HomeBuilder grant program will operate in Victoria.
The grant provides eligible owner-occupiers $25,000 towards the cost of building or buying a new home or substantially renovating an existing home.
Initial eligibility requirements for the grant have been set by the Australian Government and are available from the Commonwealth Treasury Website.
As the Victorian State Revenue Office is responsible for administering the grant it has now provided additional details for the grant's operation, including information on when you should be able to apply.
One of the most relevant additional details released today was the definition of what ‘commencement of construction’ will be. When construction is considered to have commenced will depend on the type of contract that you enter into:
- For new builds, commencement of construction means the commencement of excavation and site preparation works.
- For a substantial renovation, commencement of construction is when the works under the renovation contract commence.
- For an off-the-plan build, commencement of construction means the commencement of excavation and site preparation works.
One of the other conditions around the grant is that construction must commence within 3 months of the contract date. Where commencement is delayed due to unforeseen factors outside the control of the parties to the contract, a maximum extension of an additional 3 months may be considered and provided. Some examples where this could be considered include:
- delays in obtaining council approvals,
- difficulties in obtaining construction materials and/or sub-contractors,
- inclement weather, where the disruption is substantial,
- health problems relating to, or the death of, a person critical to the commencement of the project,
- prolonged industrial disputes, and
- natural disasters
The conditions for the grant for eligible new homes, substantial renovations and off the plan new homes are outlined on the State Revenue Office Web Page.
In addition if your home was destroyed in the 2019-20 Victorian Bushfires, and you are rebuilding on your existing land, your application will be considered as a substantial renovation.
HIA will provide more detailed information on the operation of the grant as it becomes available.
For further information please call us on 1300 650 620 Monday to Friday, 9am - 5pm, or email us at email@example.com.