If you’re considering building your own home in the near future, the Government’s HomeBuilder program is well worth considering. Recently extended from December 2020 to 31st of March 2021, now is the best time to save money on a brand-new property.

You may have some questions regarding the new grant, including:

- What is the HomeBuilder program?

- Who is eligible for the HomeBuilder program?

- What are the 2021 changes to the HomeBuilder program?

- How do I sign up?

We’ve covered all you need to know about the current HomeBuilder grant program to get you started.

What is the HomeBuilder program?

The HomeBuilder program was a $25,000 grant provided by the Australian Government to encourage the building and renovations of properties across the countries. Initially only available in 2020, that grant has now been extended to a deadline of the 31st of March 2021. In some cases, the HomeBuilder grant can be combined with other grants, such as First Home Owner's grants, to increase the overall funding.

Who is eligible for the HomeBuilder program?

If you’re an owner-occupier in Australia, you may be eligible for the HomeBuilder program. Depending on the specific state you’re applying in, these may be some differences in your new build's maximum property value. These are detailed in full below as part of the 2021 changes to the program.

Eligibility may also vary depending on states, and you’ll have to apply directly to your relevant state or territory office to find out more about any limitations or variations from the standard. If you have plans to build a new home or renovate a home within six months of receiving the grant, you’ll be eligible in most cases.

What are the 2021 changes to the HomeBuilder program?

The HomeBuilder grant extension to 2021 has seen a few changes regarding previous criteria determined as part of the grant. This includes the date for applications, which require full submission by the 14th of April 2021 to the relevant state office.

Instead of the previous $25,000 grant, new applicants are now eligible for a reduced $15,000 grant between 1st of January and the 31st of March 2021.

Property thresholds have also been slightly adjusted for specific areas of Australia. This applies to both NSW with a new maximum property value of $950,000 and Victoria with a new maximum value of $850,000. At the same time, all other states have a maximum property value of $750,000 as they did previously.

All contracts signed on or following the 29th of November 2020 must include a developer of builder that holds a valid registration of licence before that gate. For earlier contracts, a licence before the 4th of June 2020 is a requirement.

The vast majority of eligibility criteria for the HomeBuilder grant has remained the same – however, all of the factors mentioned above should be considered if you’re thinking of applying for this grant in 2021.

How do I sign up?

If you’d like to express your interest in the HomeBuilder grant in your specific state or territory, you can find all the details for your local contact on the Australian Treasury website. All the information is included to carry out a successful grant application for your new build or property renovation.

To get started on your new home on the Gold Coast or a renovation, give us a call today!