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
After a home loan or finance for a home renovation?
The team at Endeavor Finance can assist with all of your mortgage needs, from finding out how much you can borrow, securing your first home loan, re-financing an existing loan, seeking an increase or simply getting a new one for that dream renovation.
Visit www.endeavorbendigo.com.au for more information.