Extension to HomeBuilder Grant approved
The HomeBuilder grant has been extended until 31 March 2021
Any contracts which are signed between January and March in 2021 will be eligible for the grant but at the new reduced level of $15,000
Also if you are buying in Victoria the price cap will be higher in 2021 going up to $850k purchase price
Due to the high take up, government has extended the construction start time from 3 months to 6 months
“We know HomeBuilder is already working to boost new housing construction and the economic activity that follows, so the Government has taken the smart decision to run with a proven winner,” said UDIA National President, Simon Basheer.
“Jobs, wages and activity up and down supply chains will flow from the extended application of HomeBuilder – and thousands of young Australians will find it easier to access the dream of home ownership.
“Housing and construction contribute 750,000 direct and indirect jobs to the nation, so it is well placed to fill the gap caused by border restrictions and slower population growth due to current immigration levels.”
FHLDS New Home Guarantee
The National Housing Finance and Investment Corporation (NHFIC) has now released further details of the additional spots.
The additional 10,000 places form part of what is now being called the FHLDS New Home Guarantee (NHG) for new homes and newly built homes. The additional scheme allocations are available to first home buyers that are Australian citizens and at least 18 years old and wish to build a new dwelling or purchase a newly built dwelling with a deposit of between 5 and 20 per cent of the property’s value.
According to the NHFIC, eligible properties include:
- newly constructed dwellings (e.g. whether a freestanding house, townhouse or apartment)
- off-the-plan dwellings (e.g. whether a freestanding house, townhouse or apartment)
- house and land packages
- land and a separate contract to build a new home.
A revised set of property price caps also apply for eligible properties under the NHG
Please refer to the new Home Guarantee website here for further details and price caps per region eg. Victoria (capital city and regional centre) NHG Property price cap now $850,000; or NSW (capital city and regional centre) property price cap now $950,000 etc