Property Insider
propertyinsider@echo.net.au
Update to HomeBuilder Grant 31 December 2020. Changes announced to the HomeBuilder program on 29 November 2020 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 available
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 to $950,000 where the contract is signed between 1 January 2021 and 31 March 2021, inclusive. • 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. The Australian Government HomeBuilder Grant is subject to the provisions of the National Partnership Agreement between the New South Wales Government and Australian Government. HomeBuilder complements Revenue NSW’s existing First Home Owner’s Grant (New Home) Scheme and First Home Buyers Assistance Scheme. The details of the these grants and schemes are available on the revenue.nsw.gov.au website.
BUILDING DREAMS
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In October 2020 The Echo published a Building Dreams – A guide to first home buyers in the Northern Rivers outlining the grants and services available to first home buyers in the area. Now there is updated information from the government, which is outlined below. HomeBuilder provides eligible owner-occupiers (including first homebuyers) with a grant to build a new home, substantially renovate an existing home, or to buy an off-the-plan home/new home. The Australian Government has extended HomeBuilder to 31 March 2021, HomeBuilder will provide a $15,000 grant for eligible contracts entered into on or after 1 January 2021 until 31 March 2021 (inclusive). A $25,000 grant is available for eligible contracts entered into on or after 4 June 2020, up to and including
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A GUI DE FOR FIRS T HOM E BUY ERS IN THE NOR THE RN RIVE RS.
Building Dreams suppliment available on Echonetdaily: www.echo.net.au/issues/3519
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