---
title: Homebuilder extension announced
description: HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant to build a new home or substantially renovate an existing home.
---

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# [Homebuilder extension announced](https://www.cutcher.com.au/insights-and-news/homebuilder-extension-announced)

 Written by [Cutcher & Neale Accounting and Financial Services](https://www.cutcher.com.au/insights-and-news/author/cutcher-neale-accounting-and-financial-services) | 03 December 2020

3 December 2020

HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant to build a new home or substantially renovate an existing home.

HomeBuilder assists the residential construction sector by encouraging the commencement of new home builds and renovations.

On 29 November 2020, the [Government announced an extension to the HomeBuilder program](https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/homebuilder-success-sees-programme-extended) to 31 March 2021.

Changes to the HomeBuilder program include:

- A $15,000 grant for building contracts (new builds and substantial renovations) signed between 1 January 2021 and 31 March 2021, inclusive.
- An extended deadline for all applications to be submitted, including those applying for the $25,000 grant and the new $15,000 grant. Applications can now be submitted up until 14 April 2021 (inclusive). This will apply to all eligible contracts signed on or after 4 June 2020.
- An extension to the construction commencement timeframe from three months to six months for all HomeBuilder applicants. This will apply to all eligible contracts signed on or after 1 January 2021, but will also be backdated and apply to all contracts entered into on or after 4 June 2020.
- An increase to the property price cap for new build contracts in New South Wales and Victoria to $950,000 and $850,000, respectively, where the contract is signed between 1 January 2021 and 31 March 2021, inclusive. 
    - The existing new build property price cap of $750,000 will continue to apply in all other States and Territories.
- A change in licensing requirements and registration for builders and developers, as below 
    - Where an eligible contract is signed on or after the 29 November 2020, the builder or developer must have a valid licence or registration before 29 November 2020.
    - Where an eligible contract is signed before 29 November 2020, the builder or developer must have a valid licence or registration before 4 June 2020.

Other than the above, the existing program criteria applies. That is, the other existing eligibility criteria remains in place and the $25,000 grant will still be made available for eligible contracts signed on or before 31 December 2020.

 

| **HomeBuilder program criteria** | **Contracts signed between 4 June and 31 December 2020 (inclusive)** | **Contracts signed between 1 January and 31 March 2021 (inclusive)** |
| --- | --- | --- |
| Grant amount (new builds and substantial renovations) | $25,000 | $15,000 |
| Construction commencement timeframe | Construction must commence within six months of the contract being signed. |  |
| New build price cap | Property value cannot exceed $750,000 | Property value cannot exceed: - $950,000 in NSW; - $850,000 in Victoria; or - $750,000 in all other States and Territories. |
| Substantial renovation price cap | The value of the property cannot exceed $1.5 million (pre renovation). |  |
| Application deadline | Applications must be submitted to the relevant State Revenue Office by 14 April 2021. |  |
| Licensing requirements for builders/developers | - Where an eligible contract is signed on or after the 29 November 2020, the builder or developer must have a valid licence or registration before 29 November 2020. - Where an eligible contract is signed before 29 November 2020, the builder or developer must have a valid licence or registration before 4 June 2020. |  |
| Other eligibility criteria | Existing program eligibility criteria remains. |  |

 Source: <https://treasury.gov.au/coronavirus/homebuilder>[https://treasury.gov.au/coronavirus/homebuilder](https://treasury.gov.au/coronavirus/homebuilder)

**The team at Cutcher & Neale are here to help, please get in touch if you would like further assistance.**

 

** **

 

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