UPDATE - Three month extension for construction commencement in Victoria
With the introduction of Stage 4 restrictions in metropolitan Melbourne (effective from 2 August 2020) and Stage 3 restrictions in regional Victoria (effective from 5 August 2020), the Commissioner of State Revenue is exercising his discretion under the National Partnership Agreement to extend the HomeBuilder Grant’s construction commencement requirement by 3 months.
This means that all applicants for the HomeBuilder Grant in Victoria now have 6 months to commence construction from when the eligible HomeBuilder contract is signed.
The Commissioner does not have discretion to grant any extensions beyond this additional 3-month extension.
Full details of this extension are available in the revised guidelines on our website, which have also been updated to clarify the supporting documents required, including proof that your builder was registered or licensed prior to 4 June 2020.
• HomeBuilder Grant guidelines
HomeBuilder Program KEY DETAILS
WHO IS IT AVAILABLE TO?
Owner-occupied properties only
HomeBuilder is NOT available for Investment properties.
You must be aged 18 years or older, an Australian citizen and be an individual, not a company or trust.
WHAT CAN YOU USE IT FOR?
New build
New home builds to the value of $750K or less
Renovation
Minimum renovation cost $150k (max $750k spend) with the home not valued at more than $1.5 million before the renovation.
Cannot be used for “additions to the property” such as swimming pools, tennis courts, outdoor spas, saunas, sheds or garages.
INCOME TEST
Singles earning $125k or less
(based on their 2018/19 tax return or later)
Couples combined income of $200k or less
(based on their tax returns)
DURATION
Contracts must be entered into between 4 June & 31 December 2020.
If you have been putting off that renovation project or considering building your dream home – DON’T DELAY – the clock is ticking, and you need to get organised as soon as possible.
For more information or to check whether you qualify – please contact Graeme on 0411 886 310 or email gvimpani@alphaloan.com.au TODAY!
Australian Government HomeBuilder Grant Website
HomeBuilder Fact Sheet
