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Changes to the HomeBuilder program

Changes to the HomeBuilder program

HomeBuilder program provides eligible owner-occupiers (including first home buyers) with a grant to build a new home or substantially renovate an existing home. HomeBuilder assists the residential construction sector by encouraging the commencement of new home builds and renovations.

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

Changes to the HomeBuilder program include:

  • A $15,000 grant for building contracts (new builds and substantial renovations) signed between 1 January 2021 and 31 March 2021, inclusive.
  • 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.
  • 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, but will also be backdated and apply to all contracts entered into on or after 4 June 2020.
  • An increase to the property price cap for new build contracts in New South Wales and Victoria to $950,000 and $850,000, respectively, where the contract is signed between 1 January 2021 and 31 March 2021, inclusive.
    • The existing new build property price cap of $750,000 will continue to apply in all other States and Territories.
  • A change in licensing requirements and registration for builders and developers, as below
    • 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 than the above, the 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.

You can register to receive updates on HomeBuilder program when more information is available through this form.

HomeBuilder program criteriaContracts 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 timeframeConstruction must commence within six months of the contract being signed.
New build price capProperty 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 capThe value of the property cannot exceed $1.5 million (pre renovation).
Application deadlineApplications 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 criteriaExisting program eligibility criteria remains.

Preliminary application data for the HomeBuilder program

Changes to the HomeBuilder program Application Amounts

 

Total Applications as at 20 November 2020*
 New buildSubstantial renovationsTotal
NSW2,8471,5034,350
VIC6,2371,3997,636
QLD5,0009545,954
WA2,0531422,195
SA1,8173402,157
TAS670109779
ACT454243697
NT1027109
Total19,1804,69723,877

Data source: preliminary data reported by States and Territories; data is subject to revision by States and Territories.

Applications have not necessarily been assessed for eligibility.

Application processes may differ across States and Territories, limiting cross-state comparisons.

*Date online applications opened: Tasmania (6 July); Western Australia (24 July); New South Wales, Victoria, Queensland, South Australia and the Northern Territory (9 August); Australian Capital Territory (14 August).

 

Source: The Australian Government. The Treasury

Contact Acura Developments today to discuss applying for the HomeBuilder program .

Acura Developments Servicing Brisbane and the Bayside

COVID-19 and Acura Developments commitment to managing risk.

Even as Restriction are lifting Acura Developments are Managing the risks of exposure to COVID-19 for both our Client and our employees. We are stringently following all the advice and requirements outlined by Safe Work Australia Including but not limited to:

  • Physical distancing
  • Health checks and quarantine
  • Worker hygiene
  • Environmental cleaning

You can download the Building and construction industry: Minimising the risk of exposure to COVID-19 h or visit this link Safe Work Australia. A Business resource kit can also be downloaded here: Business resource kit – COVID-19 .

This is not business as usual.

We are all going through unprecedented times with COVID-19 virus threatening our very way of life. We find ourselves temporarily separated from our families and communities. Acura Developments want you know that we remain at close hand, and we are ready to help and assist with any of your requirements.

The Treasury is engaged in a range of issues from macroeconomic policy settings to microeconomic reform, client change to social policy, as well as tax policy and international agreements and forums.

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