The Federal Government has confirmed that the HomeBuilder program will be extended to 31 March 2021. However, here are the changes to the existing program:
- A $15,000.00 grant for building contracts (new builds and substantial renovations) signed between 1 January 2021 and 31 March 2021, inclusive (down from $25,000.00 for building contracts signed after 4 June 2020 and before 31 December 2020).
- An extended deadline for all applications to be submitted up to and including 14 April 2021. This applies to all eligible building contracts signed on or after 4 June 2020 (i.e. for both the $25,000.00 and $15,000.00 grant applications).
- Helpfully, there has been an extension to the construction commencement timeframe from three months to six months for all HomeBuilder applicants. This will apply to all eligible building contracts and has been backdated to 4 June 2020 and will apply to all existing building contracts and all new building contracts.
- A change in licensing requirements and registration for builders and developers, as below:
- Where an eligible building 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 building contract is signed before 29 November 2020, the builder or developer must have a valid licence or registration before 4 June 2020.
The balance of the existing program criteria continues to apply. The $25,000.00 grant is still available for all eligible building contracts signed on or before 31 December 2020.
For more information relating to the eligibility criteria for Queensland transactions, please visit office of State Revenue website here.
This publication has been carefully prepared, but it has been written in brief and general terms and should be viewed as broad guidance only. It does not purport to be comprehensive or to render advice. No one should rely on the information contained in this publication without first obtaining professional advice relevant to their own specific situation.