The HomeBuilder Grant provides an opportunity for those wishing to build a new home (never previously occupied and commenced building on or after 4 June 2020) or substantially update an existing home, to receive up to $25,000 to assist this process.
Those entered in a contract between 4 June 2020 and 31 December 2020 are eligible to receive a $25,000 grant, and due to the government’s recent extension a contract entered into between 1 January 2021 and 31 March 2021 are eligible to receive a $15,000 grant. Once the contract has been signed, building must commence within 6 months – which is an extension on the original timeframe of 3 months.
There has been an increase to the property cap to build a new house for contracts entered into between 1 January 2021 and 31 March 2021, from the original $750,000 to $850,000 in Victoria. Whilst the renovation price restrictions on $150,000 - $750,000 and value cap of $1.5 million remains the same. The government have also extended the date on which an application must be submitted to the ‘Homebuilder Application Portal’ to 14 April 2021, regardless of when the contract is entered into. SHOW LESS