Demand for HomeBuilder Grant scheme exceeds Government Expectations

Posted on Feb 23, 2021 by Liam Tobin   |   Categories: Building & Construction, Property & Conveyancing

The Federal Housing Minister and the Treasury have been in the media in recent weeks discussing the Federal Government’s HomeBuilder scheme, with recent figures showing that the demand for the scheme is nearly double that predicted by the Treasury, anticipated to cost the Government around $2 billion.

 

What is the HomeBuilder Grant?

 

The HomeBuilder scheme was introduced during the pandemic to bolster the construction industry, providing a grant to eligible applicants building a new home or significantly renovating an existing home.

 

Is the HomeBuilder Grant Still Available?

 

While the initial grant offering of $25,000.00 per qualifying applicant is not available to contracts entered into after 1 January 2021, the HomeBuilder scheme is still open to eligible applicants to receive a reduced grant of $15,000.00.

 

To qualify for the $15,000 grant, owner-occupiers need to enter into a contract between 1 January 2021 – 31 March 2021 to either build a new home, substantially renovate an existing home or buy an off the plan home/new home.

 

There is also still a chance to obtain the initial $25,000 grant for any persons who entered into these contracts between 4 June 2020 and 31 December 2020.

 

All applications must be lodged by 14 April 2021.

 

Am I Eligible for the HomeBuilder Grant?

 

The grant is subject to several conditions including:-

 

  • commencement of construction within six months from the contract,
  • property price caps, that vary depending on whether the property is a new build or a substantial renovation, and on the contract was entered into
  • Income caps for individuals or couples
  • the applicant residing in the property as their principal place of residence for at least six months following completion of construction.

 

As the April deadline approaches, it is important for any person thinking of taking advantage of the grant to seek advice as to whether they qualify, and allow themselves time to obtain the evidence required to provide in their application. If you have any questions about the grant including whether it is available to you for a new or existing contract, contact Baker Love Lawyers.