Updated Information About The Home Builder Grant Extension

The HomeBuilder grant is extended to the 31st March 2021, Changes to the HomeBuilder grant 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 April 2021 (inclusive). This will apply to all eligible contracts signed on or after 4th 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 1st January 2021 but will also be backdated and apply to all contracts entered into on or after 4th June 2020.
• An increase to the property price cap for new build contracts in New South Wales and Victoria to $950,000 and $850,000, respectively, where the contract is signed between 1st January 2021 and 31st March 2021 inclusive.
o The existing new build property price cap of $750,000 will continue to apply in all other states and territories
• A change in licensing requirements and registration for builders and developers as below
o Where and eligible contract is signed on or after the 29th November 2020, the builder or developer must have a valid licence or registration before 29th November 2020.
o Where and eligible contract is signed before 29th November 2020, the builder or developer must have a valid licence or registration before 4th June.
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 31st December 2020.

HomeBuilder Grant Update
Please see below for previous details on the HomeBuilder Grant
Thinking of building or renovating? If you answered yes, then this might be a good time to take advantage of the $25,000 grant for new homes or renovation that the government have announced today.

How do you qualify for the $25,000 grant?
• Be over 18.
• Be an Australian citizen.
• Be an individual and not a company or trust.
• Families must have a combined taxable income of less than $200,000.
• If you are single you must be earning $125,000 or less based on your 2018/19 tax return.
• The grants will be means tested so if you do not qualify you will not be entitled to the payment.
• Renovations need to be at the value of $150,000 to meet the conditions of the grant.
• New home builds must be to the value of $750,000 (this includes land value) or less
• If you are undertaking a $150k reno project your house must be valued at less than 1.5million to ensure you can qualify for the $25,000 grant.
• Investors and owner builders are banned from claiming this grant as it is designed to help low to middle income earners get into the property market.
• The grant cannot be used for any additions that are not connected to the house, for example: sheds, granny flats, garages, pools, tennis courts, and saunas are not something you can use the grant for.
• The Homebuilder Scheme is only available from the 4th of June 2020 to 31st December 2020. Construction must start within the three months of the contract to be eligible to claim the $25,000 grant.
If you qualify you will be happy to note that this tax-free grant applies for all owner-occupiers – something for everyone and not just first home buyers.
While all of us have been in lockdown for two months or more, many are realising that you desperately need more space, a new room, a study or just a bigger and better house.
If you do qualify for this fantastic grant and opportunity, make sure to apply and put it to good use.

Expand the family house to finally get that studio/office space or renovate your kitchen and living areas to ensure that the family is not cramped and can relax in style.

“When the States and Territories begin accepting HomeBuilder applications, they will backdate acceptance of these applications to 4 June 2020. Information on when and how you will be able to access HomeBuilder will become available through the relevant State or Territory revenue office.”
(https://treasury.gov.au/sites/default/files/2020-06/Fact_sheet_HomeBuilder.pdf)

Treasury.gov.au has a whole list of Frequently Asked Questions and a full breakdown on how you can apply for the Homebuilder Scheme.
Gympie is a place where your dollar will go further (You can get more land, space, and have a better lifestyle for the family), so why not invest in a new house build.
One Agency Gympie have great house and land packages available, learn more today and use your $25,000 grant to build the house of your dreams.

Do you have plans to renovate your existing house? If so, what are you wanting to add or to change?
If you are looking at a new build, then One Agency Gympie can help you realise your dream.

Simply give us a call and we can help you find the right place to start building your forever home.
P: 07 5331 3045
E: peteangle@oneagency.com.au