Latest News - August
Everything you Need to Know About the HomeBuilder Grant
Since the HomeBuilder Grant was announced, some major adjustments have been made to the federal government initiative. Over the last few months, changes to eligibility requirements and extensions on building commencements have been made, largely in response to the ongoing pandemic and applications are now open for Victorians. This is great news for buyers looking to take up the scheme in order to build their home at Bowery! In this article, find out everything you need to know to do just that!
Following negotiations between UDIA Victoria and the Victorian State Revenue Office (SRO) in June, eligibility requirements for the grant were broadened. This means more Victorians can take up the $25,000 grant in order to build their dream home!
Key changes to HomeBuilder include:
- ‘Commencement’ has now been defined as excavation and site preparation works for any new builds.
- For new home builds, the purchaser must be registered on the Certificate of Title as owner by the time the foundations are being laid and the first progress payment is made. The $25,000 grant will be paid at this point.
Since then, the Victorian government has confirmed buyers will be granted a three month extension on the construction commencement requirement for HomeBuilder stimulus.
This means all applicants for the $25K HomeBuilder Grant in Victoria will have six months to commence construction, giving purchasers in our community much needed breathing space through the Stage 4 lockdown period.
So for example: a purchaser signs the building contract on December 30. Site preparation commences on May 30 and the slab is poured on June 20, by which time the purchaser’s name has to be registered on the Certificate of Title. This is when the purchaser will receive the $25K grant.
These updates not only provide greater clarity for the property industry, but much greater assurance for homebuyers. For those who will rely on HomeBuilder, they can buy with confidence knowing as long as their new home settles within the time frame and construction commences, they will be eligible for the grant.
For buyers keen to take up the HomeBuilder grant in order to build their dream home at Bowery, don’t forget you can still save $20K on all lots in our community! Contact our expert team on 0427 398 171 to discuss this fantastic opportunity while it lasts! Or, visit our Land for Sale page to view available lots at Bowery.