Saturday 17th April - The Morrison Government has announced an extension of the construction commencement requirement for the HomeBuilder Grant from six to 18 months.
Treasurer Josh Frydenberg said that extending the requirement is expected to smooth out the HomeBuilder construction pipeline and support jobs in the construction sector. The extension will also ensure that existing applicants facing difficulties in starting construction on their new builds and renovations are not denied a HomeBuilder grant due to circumstances outside their control.
The extension applies to all applicants who have signed building contracts during the HomeBuilder eligibility period (from 4 June 2020 through to 31 March 2021). The extension provides homebuyers and builders a total timeframe of 18 months to start construction from the date that the building contract was signed.
Applications for the HomeBuilder Grant officially closed on the 14th of April with more than 121,000 Australian’s lodging applications since the grant was launched. According to the Government the grant is expected to support around $30 billion of residential construction projects. (Source)
Applicants have until 30 April 2023 to submit all supporting documentation (such as invoices for work done, and proof that construction has started) to their State or Territory Revenue Office.
The supporting documentation will be required for the payment of the HomeBuilder grant. Timing of the payment will depend on whether an application relates to a new build, substantial renovation or off-the plan / new home purchase:
For off-the-plan / new home purchases – grants will be paid after the applicant(s) name is registered on title.
More information on HomeBuilder can be found on the Treasury website.
The HomeBuilder Grant may be over, but there are still plenty of opportunities to take advantage of. Speak to one of our new property experts about how they can help you today.
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