The Government have recently announced an extension of the HomeBuilder program (or HomeBuilder Scheme if you prefer). The extension now allows for applications to be submitted up until April 14 2021, with documents to be signed by 31 March 2021 (inclusive).
The previous deadline of December 31 had many concerned they’d miss the boat on the scheme, but the announcement brings new opportunity to homeowners and first home buyers around the country.
There have been some changes included in the announcement, but overall it’s positive that the HomeBuilder scheme remains in play. Some of the changes as part of the extension include:
Contracts that are (or have been) signed between 4 June and 31 December 2020 (inclusive) Are eligible for $25,000.
Contracts signed between 1 January and 31 March 2021 (inclusive) are eligible for $15,000.
At a glance, the sooner you look to make a move on your new home build or renovation, the better off you’ll be (that extra $10K is always going to be good), but let’s not ignore just how far $15,000 can go.
There’s a few bits and pieces worth being familiar with as part of the government’s update to HomeBuilder:
- There are new “new build” price caps in all states (now $750K in Qld)
- Construction must commence within six months of the contract being signed
- Substantial renovation cap has been revised – The value of the property cannot exceed $1.5 million (pre renovation).
We’re here to help you through the details, but if you’d like to know more before you call us, head to the official treasury website for the complete set of details: https://treasury.gov.au/coronavirus/homebuilder
Our contribution to your new home or renovated home is to ensure you structure your finance correctly as well as have access to the competitive rates one of our 70+ lenders can offer.
It costs you nothing to talk to our Finance Specialists and that first conversation could literally save you thousands of dollars per year.
(It’s also important to note, that if you’re a first home buyer you may be eligible for one or more of the other Government Grants and schemes available alongside your HomeBuilder eligibility! We can help you there too.
Don’t just imagine what your home might look like, call us today and we can help make it a reality…