We have been closely tracking the evolution of the HomeBuilder Grant (see here and there and here). We are pleased to share that the Federal Government has now announced an extension of 12 months to the deadline for construction to commence, giving applicants 18 months from the date of the contract to commence works.
The Background
The HomeBuilder scheme offered all eligible owner-occupiers and first home buyers the opportunity to apply for a $25,000 grant, and later a $15,000 grant, to build a new home or substantially renovate their existing home. More than 121,000 Australians applied for the grant before the deadline of 14 April 2021.
To access the grant, successful applicants had to ensure construction commenced on or after 4 June 2020 and within 6 months of the contract date.
The popularity of the scheme resulted in many applicants and those working in the residential construction industry question the likelihood that the 6-month construction period was realistic.
In addition to the number of applications, the industry identified shortages in draftspersons, engineers, builders, and materials as further reasons the original deadline would be difficult to achieve.
In an announcement dated 17 April 2021, the Federal Government announced that all successful applicants would be given an extra 12 months, on top of the original 6 months, to commence construction.
Applicants now have 18 months from the contract date to commence construction.
Some other things to remember
Applicants have until 30 April 2023 to provide the Revenue Office with all supporting documentation required to access the grant.
The grant will be paid out to the applicant:
HomeBuilder is broadly governed by โIntegrity Measuresโ.
When providing your supporting documentation, the Revenue Office will consider:
Applicants must inform the Revenue Office if they no longer use the property as your principal place of residence within 14 days of the change.
If youโre a HomeBuilder applicant or if you have any other questions, please do not hesitate to contact one of our team.