Home Builder Scheme Extended to March 2021

Home Builder Scheme Extended to March 2021

In what can only be seen as good news for the Housing sector, the Federal government has elected to extend the Home Builder Scheme to March 2021.

Applications may be made for a $15000 grant for building contracts signed between January 1 2021 and March 31  2021. Building contracts signed between June 4 and December 31 2020 may be eligible for a grant of up to $25000.

Grants are available to both new buildings and substantial renovations. Interestingly, the property value upon completion has been increased from $750,000 to  $950,000 in New South Wales and $850,0000 in Victoria.

All other aspects of the Home Builder Scheme remain unchanged. Key points being that construction must commence within six months, the value of renovated properties cannot be in excess of $1.5 million prior to construction and building contractors must have a valid building licence prior to June 4 2020 in the case of building contracts signed prior to November 29 2000 or prior to November 29 if the contract is signed after that date.

Applications to the relevant State Revenue Office must be submitted up to and including April 14 2021.

For assistance with the Home Builder scheme or housing finance in general please contact Australian Finance Hub to discuss your personal circumstances.