It seems like a lifetime ago that we first started talking about the HomeBuilder grant! The federal government initiative was announced in June, aimed at helping homeowners renovate or build a new house, providing stimulus for the housing industry as we power up for 2021 and beyond. Since then, some significant adjustments have been made to benefit homebuyers. Here’s a rundown of everything you need to know!
Following negotiations between UDIA Victoria and the Victorian State Revenue Office (SRO) earlier this year, eligibility requirements for HomeBuilder were broadened, providing more Victorians with the chance to get the $25,000 grant.
Key changes to HomeBuilder include:
Since then, the Victorian government has confirmed buyers will be granted a three month extension on the construction commencement requirement for HomeBuilder stimulus.
This means all applicants for the $25K HomeBuilder grant in Victoria will have six months to commence construction. This will give purchasers in our community much-needed breathing space through the Stage 4 lockdown period.
So for example: a purchaser signs the building contract on December 30. Site preparation commences on May 30 and the slab is poured on June 20, by which time the purchaser’s name has to be registered on the Certificate of Title. This is when the purchaser will receive the $25K grant.
These updates will help ensure Victorians relying on HomeBuilder can buy with greater confidence.
For buyers looking to use HomeBuilder to secure their place at Orchard, view titled lots now available and immediately eligible for the grant! And if you have any questions about the grant and building your home at Orchard, don’t hesitate to get in touch! Our team is available for remote appointments, book yours here.