HomeBuilder Program

February 24, 2021 News & Articles 0

“The HomeBuilder program is a grant for owner-occupiers to build a new home or substantially renovate an existing home.”

HomeBuilder program extended

The Australian Government confirmed that the grant of the HomeBuilder program would be extended to 31 March 2021. The grant was initially available until 31 December 2020.

The grant may be used to:

Build your new home
Renovate your current structure

Application must be submitted by 14 April 2021 to the relevant State Revenue Office.

Eligibility Requirements

Owner-occupier applicants must be a natural person, aged 18 years or older at the date of contract, and an Australian Citizen at the date of application. Applicants must also below one of the two income caps:

For an individual: $125,000 per annum based on either your 2018-19 or 2019-20 taxable income.
For couple: $200,000 per annum for a couple based on either your combined 2018-19 or 2019-20 taxable income.

	Contract Signed Period
	4 June – 31 December 2020 (inclusive)	1 January – 31 March 2021 (inclusive)
Homes	The home must be located in New South Wales, fixed to your land, suitable as a place of residence and owned or will be owned.
Grant amount	$25,000	$15,000
Timeframe	Construction must commence within six months of the contract being signed.
New build price cap (Property max. value)	$750,000	$950,000 in NSW; $850,000 in Victoria; or $750,000 in all other States and Territories.
Substantial renovation price cap (Property max. value)	$1.5 million (pre renovation).
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.

For more information about remaining program eligibility criteria, visit HomeBuilder Article.