The Australian Government have announced the homebuilder grant to provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home, or substantially renovate an existing home or buy an off-the-plan home/new home.
In light of the introduction of Stage 4 restrictions in metropolitan Melbourne (effective from August 2 2020) and Stage 3 restrictions in regional Victoria (effective from August 5 2020), the Commissioner of State Revenue will exercise discretion under the National Partnership Agreement to provide a blanket extension of 3 months to the construction commencement requirement for the Homebuilder Grant. This suggests that all applicants for the Homebuilder Grant in Victoria have six months from the signing of the eligible Homebuilder contract, to commence construction. The Commissioner does not have the discretion to grant any extensions beyond this additional 3-month extension.
The HomeBuilder Grant complements the existing First Homeowner Grant that is available in Victoria when you buy or build your first new home.
Therefore, the home buyers have to commence the construction of the new home before June 31, 2021.
Please visit https://www.sro.vic.gov.au/homebuilder-grant-guidelines for further guidelines.
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