The Federal Government’s $15,000 HomeBuilder Grant is set to end on 31st March. Victorians wanting to take advantage of the limited-time grant will need to have a building contract signed before the 31 March 2021 cut-off date.
The HomeBuilder scheme was introduced in June 2020 to provide a boost to the building and construction industry by keeping builders and contractors in a job. The initial program which provided a $25,000 grant to eligible home builders was set to end 31 December 2020.
However, after Victoria’s prolonged lockdown the program was extended to 31 March 2021 with a reduced grant amount of $15,000.
Victorians are leading the charge on grant uptake with 25,433 applications submitted as of 26 February 2021. However, these numbers have not yet been assessed for eligibility.
As the end date rapidly approaches, there is no better time than now to take the plunge into building your dream home. Final applications and supporting documentation for the grant need to be submitted to the State Revenue Office by no later than 14 April 2021. All application details along with the relevant forms are available from the State Revenue Office Website.
Source: Louis by First Place Building
Wondering if you qualify to get your hands on the $15,000 before it dries up? To be eligible for the grant you need to meet the following requirements:
Must be an Australian citizen aged 18+ Must be purchased as an individual and not a company or trust The new home value (including land) must not exceed $750,000 If you are renovating, you must spend between $150,000 - $750,000 on a home valued less than $1.5 millionThe construction commencement time frame was extended in the government’s extension of the grant, meaning construction on your home must now start within six months of the building contract having been signed.
Do you tick all these boxes? Are you ready to take the leap into building your very own dream home with a little help from the HomeBuilder scheme?
Don’t waste time and risk missing out on the grant cut-off.
First-Place Building can get you on your way to building your new home with a rapid turnaround time on providing a building contract.
Got your finance contract and land pre-approval ready to go? First-Place can have a contract sitting in front of you within 24 hours.
With over 40 years’ experience building homes, First-Place can help you lock in your HomeBuilder grant while delivering you an exceptional quality home. You’ll be involved through every step of the journey with First-Place, from consult to hand over.
Source: Liston by First Place Building
For those building a new home, once you've submitted your application for the HomeBuilder Grant, you’ll receive your HomeBuilder grant following the first progress payment made to your builder. Off-the-plan builds will need to wait until their name is registered on the title to receive their $15,000.
With the clock ticking on the government's building and construction cash splash – what more are you waiting for?