The HomeBuilder Scheme Has Been Extended
Did you hear the news? The HomeBuilder Scheme has been extended until the end of March 2021! This extension gives all of those who were hoping to build a new home in the near future an extra 3 months to claim the grant by the government. The extension also means the government has increased the home allowance by another 15,000 homes, bringing the total to 42,000 homes Australia wide.
Will it be exactly the same?
While eligibility requirements will stay the same, there are some changes to the grant. The original grant was $25,000 and still is until the 31st of December 20202, but the new grant will be $15,000 between January 1st and March 31st 2021. The cap for property value has been increased for VIC and NSW, but remains the same in QLD at $750k for new builds.
Why have they extended the grant?
According to Treasurer Josh Frydenberg the grant has been extended to keep the construction industry going in tough times, and to keep thousands of Australians in employment. “Housing and construction contribute 750,000 direct and indirect jobs to the nation, so it is well placed to fill the gap caused by border restrictions and slower population growth due to current immigration levels,”.
Who is eligible for the grant?
The grant is available for Aussies intending to build a new home as their main place of residence, up to the value of $750k or renovate a property worth less than $1.5M. You also need to have earnt less than $125k as a single, or $200k as a couple in the last financial year to make the cut. To get the $25k grant you will need to sign a contract between 4th June and 31st of December 2020. To get the $15k grant, you must sign your contract between 1st January and 31st March 2022. The work will also have to begin within 6 months of signing the contract, and you have to apply for the grant by 14th April 2021. You will need to use a licenced builder for your contract.
Can I get more than one grant towards my home?
Yes you can! In fact, if you go through First Home Hero you could get up to $55k towards your home. If you are a first home buyer, you could also get the first home buyers grant of $15k plus, at First Home Hero we match the First Home Buyers Grant for Queenslanders who buy one of our house and land packages. So with the first home buyers grant ($15k), the home builder grant ($25k) and our bonus ($15k) you would get a whopping $55k towards your new home. How good is that!
How do I get started?
The government grants are both available to apply for on your relevant government websites. But if you want to get the whole $55k towards your home then fill out this application form and we will get the process started. It only takes 60 seconds!