On 29 November 2020, the Government announced an extension to the HomeBuilder program to 31 March 2021. This is great news for first home buyers who will receive $25,000 for contracts signed before 31 December 2020 and $15,000 for those signed between 1 January and 31 March 2021.
The build price caps have also been increased in NSW ($950,000) and VIC ($850,000). The price cap remains unchanged at $750,000 for all remaining states and territories.
The following table outlines the key changes that will apply to contracts signed between 1 January and 31 March 2021 (inclusive):
As was the case previously, construction must commence within six months of the contract being signed. A large number of builders have reported issues meeting the demand from eager first home buyers looking to take advantage of the HomeBuilder grant. In some cases, builders have stopped taking applications for new contracts altogether to avoid bottlenecks.
To ensure that you receive the HomeBuilder grant, we have teamed with some of Adelaide's most reputable builders who have guaranteed spots for Property Investment Coaching customers. Get in soon to avoid missing out!