Updated 1 December 2020.
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 for those who enter into a contract before 31 Dember 2020 to build a new home or substantially renovate an existing home or a grant of $15,000 for those who enter into a contract before 31 March 2021.
The program aims to support the residential constructions sector including businesses and sole-traders, contractors, property developers, construction materials manufacturers, engineers, designers and architects.
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.
Extension to 31 March 2021
It was recently announced that the HomeBuilder program will be extended until 31 March 2021 with a reduced grant.
The changes for the extension include:
Other than the above, the existing program criteria applies. That is, the other existing eligibility criteria remains in place and the $25,000 grant will still be made available for eligible contracts signed on or before 31 December 2020.
For full details of the scheme see our previous blog HomeBuilder Program – all you need to know
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