On 4 June 2020, the Australian Government announced HomeBuilder to provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home, substantially renovate an existing home or buy an off-the-plan home/new home. On 29 November 2020 the Australian Government announced an extension to the scheme. A $15,000 grant is available to building contracts entered into between 1 January 2021 to 31 March 2021, inclusive.
While the eligible contract must be signed between 4 June 2020 and 31 March 2021 (inclusive), construction need not commence prior to 31 March 2021. The Commonwealth Government extended the construction commencement requirement from six months to eighteen (18) months for all existing applicants. This means construction must commence within eighteen (18) months from the date the contract was signed and construction cannot have commenced before 4 June 2020. All applicants who signed contracts during the HomeBuilder eligibility period between 4 June 2020 and 31 March 2021 will have this extension applied to them. The Australian Government HomeBuilder Grant is subject to the provisions of the National Partnership Agreement between the ACT Government and Australian Government.
A $15,000 grant is available to building contracts entered into between 1 January 2021 to 31 March 2021, inclusive.
HomeBuilder is available for one of the following contracts signed between 4 June 2020 and 31 March 2021 (inclusive):
- A comprehensive home building contract to build a new home as your principal place of residence where the property value (house and land) does not exceed $750,000 (inclusive of GST).
- A contract to substantially renovate your principal place of residence where the renovation contract is between $150,000 and $750,000 (inclusive of GST), and where the value of your existing house and land does not exceed $1.5 million. If you own a property (house and land) and demolish the house to rebuild, these will be treated as a substantial renovation, subject to the same values.
- A contract to purchase an off-the-plan home/new home as your principal place of residence where the contract price does not exceed $750,000 (inclusive of GST) and construction had not commenced prior to 4 June 2020.
- In all cases, construction cannot have commenced before 4 June 2020.