HomeBuilder Scheme extended until March

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 1^st January 2021 and 31^st 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 29^th November, 2020 (changed from 4^th June, 2020).

If you’re interested in applying for the HomeBuilder grant or have more unanswered questions, have a read through our FAQ’s and other HomeBuilder posts to find out more. You can also organise to have a chat with one of our solicitors who can help guide you through.