The announcement of the HomeBuilder extension has had mixed feedback across the board, with some saying it’s not enough to stop the housing construction industry shrinking and others welcoming the news calling it a giant leap towards economic recovery.
So what does the homebuilder extension mean for Queenslanders looking to build a new home or renovate? Here are the details of the modified grant extension:
HomeBuilder Scheme grant amount
The grant amount has been reduced from $25,000 to $15,000 for contracts signed between 1st January 2021 and 31st March 2021. This applies to both new builds and substantial renovations.
HomeBuilder new build price cap
The new build property price cap remains at $750,000 in all States and Territories except New South Wales and Victoria, where it has been increased to $950,000 and $850,000, respectively.
HomeBuilder construction commencement timeframe
The timeframe for construction commencement has been changed, due to concerns of builder shortages caused by the popularity of the scheme. The construction start time has been extended from three months to six months for all applicants of the HomeBuilder grant.
HomeBuilder licensing requirement for builders
Changes have also been made to licensing requirements and registration for builders and developers. The builder or developer can now have a valid licence or registration before 29th November, 2020 (changed from 4th June, 2020).