The Federal Government recently announced it would extend the application deadline to 31 March 2021 for its popular $25,000 HomeBuilder grant but reduce the amount on offer. This will open the grant up to more potential buyers and will also give some breathing space to Ecovillage residents who are struggling to sign a building contract by the 31 December deadline. Note, this is for the Federal grant only and does not apply to the WA Building Bonus grant.
Changes to the HomeBuilder program include:
- A $15,000 grant for building contracts 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.
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.
For more information, visit https://treasury.gov.au/coronavirus/homebuilder