Greenhalgh Pickard recently met with Real Estate Agents from Century 21 to answer some of their FAQ’s about the Federal Government’s HomeBuilder Grant. The questions and answers below might help you when considering the HomeBuilder scheme for your new build or renovation.
What does it mean by construction commencement?
For building a home it is the date that excavation and site preparation began. For renovating it is the date the building work began.
Can the 3-month window be extended?
Yes, the initial 3 months can be extended however you will need to apply to the office of state revenue. Some examples of circumstances that an extension may be granted are as follows; delays I obtaining council approvals, difficulties in obtaining construction materials and sub-contractors, inclement weather, health problems relating to death of a person critical to commencement of the project, prolonged industrial disputes and natural disasters.
When is the grant paid?
The grant is paid after the foundations have been laid and the first progress payment has been made.
How is the grant paid?
The grant is paid into a nominated bank account. If you have borrowed from a bank, then you can nominate the payment to go directly to your mortgage account.
Can you get pre-approved for the grant?
You can apply for a pre-approval of the homebuilder grant if required by your bank. Please note that this does not speed up the process of the grant application and or its payment.
Who does the application?
If you are having the bank process your loan and they are factoring it into your loan then they may apply on your behalf. It is our experience that in my cases you are needing to complete the application yourself.