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Economic Response to the Coronavirus

Economic Response to the Coronavirus

The Morrison Government released the Homebuilder Grant on 4 June 2020. The announcement was made by the acting Treasurer for the Commonwealth of Australia, Josh Frydenberg to assist the building and construction industry to cope with Pandemic. The highly effective Home Builder program has had the intended outcome and has driven demand for building work and helped protect over one million Australian jobs by supporting the construction of new homes and substantial home renovations.

The HomeBuilder Grant, when originally released was due to expire on 31 December 2020, however, was extended and amended until the 31st of March 2021.

For all new build contracts signed between 1 January 2021 and 31 March 2021:
  • Eligible owner occupiers purchasers will receive $15,000; and
  • The property price caps for new builds in NSW and VIC will be increased to $950,000 and $850,000, respectively. Applications can now be submitted up to 14 April 2021 (inclusive).

In addition, the construction commencement deadline will be extended from 3 months to six months for all eligible contracts signed on or after 4 June 2020. Speak to us now to see if you may be eligible, but hurray time is running out.

How much will I receive?

If you signed an eligible contract between the 4 June and 31 December and have met all the eligibility requirements, you may receive a grant amount of $25,000. If you signed after the 31 December i.e., Between 1 January 2021 and 31 March 2021, and you met all other eligibility criteria, you may be eligible to receive a $15,000 grant.

This information is correct at time of publication, for the most current updates please refer to https://treasury.gov.au/coronavirus/homebuilder or to the relevant State Revenue office in your state or territory.