Housing Stimulus | Homebuilder
On 29 November 2020, the Government announced an extension to the HomeBuilder program to 31 March 2021*.
Changes to the HomeBuilder program include:
- A $15,000 grant for building contracts (new builds and substantial renovations) signed between 1 January 2021 and 31 March 2021, inclusive.
- An extended deadline for all applications to be submitted, including those applying for the $25,000 grant and the new $15,000 grant. Applications can now be submitted up until 14 April 2021 (inclusive). This will apply to all eligible contracts signed on or after 4 June 2020.
- An extension to the construction commencement timeframe from three months to six months for all HomeBuilder applicants. This will apply to all eligible contracts signed on or after 1 January 2021, but will also be backdated and apply to all contracts entered into on or after 4 June 2020.
- An increase to the property price cap for new build contracts in New South Wales and Victoria to $950,000 and $850,000, respectively, where the contract is signed between 1 January 2021 and 31 March 2021, inclusive.
- The existing new build property price cap of $750,000 will continue to apply in all other States and Territories.
- A change in licensing requirements and registration for builders and developers, as below
- Where an eligible contract is signed on or after the 29 November 2020, the builder or developer must have a valid licence or registration before 29 November 2020.
- Where an eligible contract is signed before 29 November 2020, the builder or developer must have a valid licence or registration before 4 June 2020.
Other than the above, the existing program criteria applies as per below. 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.
|HomeBuilder program criteria||Contracts signed between 4 June and 31 December 2020 (inclusive)||Contracts signed between 1 January and 31 March 2021 (inclusive)|
|Grant amount (new builds and substantial renovations)||$25,000||$15,000|
|Construction commencement timeframe||Construction must commence within six months of the contract being signed.|
|New build price cap||Property value cannot exceed $750,000||Property value cannot exceed:
|Substantial renovation price cap||The value of the property cannot exceed $1.5 million (pre renovation).|
|Application deadline||Applications must be submitted to the relevant State Revenue Office by 14 April 2021.|
|Licensing requirements for builders/developers||
|Other eligibility criteria||Existing program eligibility criteria remains.|
Stamp duty changes for first home buyers
NSW Government announces transfer (stamp) duty changes for first home buyers
The NSW Government has today announced that the threshold above which transfer (stamp) duty is charged on new homes for first home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million.
Huntlee - Pick your perfect place to live.
Now really IS the best time to buy a new home in Huntlee. We have a wide range of lots sizes to suit everyone.
Plenty of fresh healthy space.
The Hunter Valley on your doorstep.
Brand new town centre emerging with Coles opening later this year.
Excellent connections to Hunter Expressway and beyond.
* Please refer to government websites for latest information about grants and stamp duty relief.