There is still time for prospective homebuyers and home renovators to apply for the federal government’s successful stimulus package HomeBuilder, with the deadline extended until April 14, inclusive.
But if you are considering it, you need to get moving. For contracts signed between now and March 31, the price cap for new build contracts is $950,000. For contracts signed at most other eligible times, the price cap is $750,000.
For renovations, the value of the property can’t be greater than $1.5 million, prior to updates.
Applications must be submitted to the Victoria State Revenue Office by 14 April 2021.
Since we last wrote about HomeBuilder, there have been some changes made to the scheme, so all applicants should ensure they are across those. You can stay updated via the information available from Treasury.
Victoria has been by far the most popular state for HomeBuilder applications. As of March 12, Victoria has accounted for almost 27,000 – 22,000 new builds and 5,000 renovations – around a third of applications made nationwide. That illustrates the value many Victorians place in the scheme.
Individuals earning above $125,000 and households earning more than $200,000 will be unable to access the scheme.
Victorian construction groups lobbied for a HomeBuilder extension after Melbourne’s second-wave lockdown resulted in many owners and builders without time to sign new contracts before 2020 ended.
Master Builders Victoria chief executive Rebecca Casson said the extra time helped “keep businesses afloat” as well as tradies working.
Eligible applicants who registered for a grant last year will receive $25,000 and home owners who applied this year will get $15,000 — as long as they meet the above criteria relating to income, the value of works completed and commence construction within six months of signing a building contract.