Home Builder Grant extended, price caps increased for NSW and Victoria.
The federal government is extending the Home Builder program for another three months and raise price caps for homes in Victoria and New South Wales to reflect higher property values in those states.
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| HomeBuilder program criteria | Contracts signed between 4 June and 31 December 2020 (inclusive) | Contracts signed between 1 January and 31 March 2021 (inclusive) |
|---|---|---|
| Grant amount (new builds and substantial renovations) | $25,000 | $15,000 |
| Construction commencement timeframe | Construction must commence within six months of the contract being signed. | |
| New build price cap | Property value cannot exceed $750,000 | Property value cannot exceed$950,000 in NSW;$850,000 in Victoria; or$750,000 in all other States and Territories. |
| Substantial renovation price cap | The value of the property cannot exceed $1.5 million (pre renovation). | |
| Application deadline | Applications must be submitted to the relevant State Revenue Office by 14 April 2021. | |
| Licensing requirements for builders/developers | Where an eligible contract is signed on or after the 29 November 2020, the builder or developer must have a valid licence or registration before 29 November 2020.Where an eligible contract is signed before 29 November 2020, the builder or developer must have a valid licence or registration before 4 June 2020. | |
| Other eligibility criteria | Existing program eligibility criteria remains. |
