HomeBuilder Legislation Finally Passed

The Australian Government has finally written the legislation and released the HomeBuilder Grant Application and Guide. See the link with the main points marked in yellow.

Download: HomeBuilder Grant Application and Guide

In summary the main points are;

1. Build cannot have started before 4 Jun 2020;
2. Contract date must be after 4 Jun 2020 and before 31 Dec 2020;
3. Construction must start within 3 months of contract date;
4. You must be registered on the title no later than 31 Oct 2022.

The Australian Government announced the HomeBuilder Grant on 4 June 2020 to provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home, substantially renovate an existing home or buy an off the plan home/new home.

The grant was introduced in response to the Covid-19 pandemic to stimulate the construction sector which employs over 1.15 million Australia wise (its 9% of all jobs in Australia).

The HomeBuilder applications will need to be lodged electronically which is yet to made available.

We will keep you posted.

Roy Skaf
Managing Director
Macquarie York