The Commonwealth Government has announced that applicants for the HomeBuilder grant will have a further 12 months to commence construction. This is said to be due to unanticipated delays in the construction industry caused by COIVID-19 related supply constraints.
The extension only applies to existing applicants and provides an additional 12 months to commence construction from the date that the building contract was signed. The timing of payments for the three types of grant are:
- New builds – grants will be paid after construction has commenced and the first progress payment has been made to the builder.
- Substantial renovations – grants will be paid after construction has commenced and at least $150,000 of the contract price has been paid in respect of the renovation.
- For off-the-plan / new home purchases – grants will be paid after the applicant(s) name is registered on title.
More information can be found here: https://treasury.gov.au/coronavirus/homebuilder