HOMEBUILDER DEADLINE EXTENDED

HOMEBUILDER DEADLINE EXTENDED

Exciting news has been announced for Australians building new homes and expecting to secure a $25,000 HomeBuilder grant.

Originally, people who had applied for the grant were working towards the looming deadline of April 30, 2023 to get their paperwork in. If they missed the deadline, they would miss out on the grant.

Fortunately, with many experiencing delays due to shortages of materials and supply chain issues, they have been granted a reprieve by federal Housing Minister Julie Collins. The Minister has announced the government will extend the deadline for people to submit their paperwork until June 30, 2025.

• HomeBuilder was introduced by the Morrison Government during the COVID pandemic
• To receive a $25,000 grant, people had to spend $150,000 to $750,000 renovating a home or building a new home
• Contracts had to be signed between June 4 and December 31, 2020
• The scheme was then extended, with a $15,000 grant offered for contracts signed between January 1 and March 31, 2021
• Applications to apply for the grants closed on April 14, 2021
• At first, work was required to begin within 3 months of contracts being executed but this was then extended to 18 months
• Construction of homes had to be completed by April 30, 2023 to qualify for the $25,000 grant

Grants are paid when:

•  The first payment has been made to the builder for a new build
• At least $150,000 has been paid for renovations
• A practical completion certificate from the developer is submitted for an off-the-plan home
• The deadline to submit the relevant documentation to prove this was April 30.

Unfortunately, for first home buyers wondering if they can still apply for a HomeBuilder grant, applications closed in April 2021. This extension applies only to people who applied and received formal approval for off-the-plan purchases or renovations.
A further complication is that the extension is subject to states and territories agreeing to the Minister’s plan, although it is anticipated that agreement will be reached.