Extension announced for HomeBuilder Program

The Victorian Government has announced there will be a three month extension to the HomeBuilder program as a result of the Stage 3 and 4 COVID-19 restrictions across the state.

The HomeBuilder program, announced on 4 June 2020, provides all eligible owner-occupiers (not just first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home.

The program aims to support the residential constructions sector including businesses and sole-traders, contractors, property developers, construction materials manufacturers, engineers, designers and architects.

Initial plans for the scheme required those claiming the cash to commence construction within three months of signing a contract. While the extension does not change the 31 December end date of the grant, it does mean that buyers who sign a contracts on 31 December will now have until 31 June 2021 to commence construction.

The grants are available to those building a new home for less than $750,000, or renovating an existing one for a budget of between $150,000 and $750,000, who have a taxable income of less than $125,000.

For full details of the scheme see our previous blog HomeBuilder Program – all you need to know


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