Save $15,000 until March 2021: What the HomeBuilder Grant extension means for off-the-plan property purchases

Olivia RoundNovember 30, 20200 min read

The Federal Government has just announced that the HomeBuilder Grant, which was set to end on December 31st, will be extended at a reduced rate. Home buyers who are eligible for the grant could be entitled to receive $15,000 for the purchase of a HomeBuilder Grant approved off-the-plan property.

Since the grant was introduced, around 24,000 applications have been made to claim the $25,000 grant, with 19,180 of those applications being for new builds, with just 4,697 applications having been submitted for home renovations.

Grant rules and restrictions vary state-to-state, so here's an overview of what to expect:

VICTORIA HOMEBUILDER GRANT GUIDE

HomeBuild Grant Extended and increase price cap to $850,000 in VIC

Reduced from $25,000 to $15,000 for building contracts signed between Jan 2021 and March 2021.

Home buyers have until December 31st 2020 to take advantage of the $25,000 HomeBuilder Grant.

Click here to search new VIC Residences under $850,000

NEW SOUTH WALES HOMEBUILDER GRANT GUIDE

HomeBuild Grant Extended and increase price cap to $950,000 in NSW

Reduced from $25,000 to $15,000 for building contracts signed between Jan 2021 and March 2021.

Home buyers have until December 31st 2020 to take advantage of the $25,000 HomeBuilder Grant.

Click here to search new NSW Residences under $950,000

QUEENSLAND HOMEBUILDER GRANT GUIDE

HomeBuild Grant Extended for New Residences under $750,000 in QLD

Reduced from $25,000 to $15,000 for building contracts signed between Jan 2021 and March 2021.

Home buyers have until December 31st 2020 to take advantage of the $25,000 HomeBuilder Grant.

Click here to search new QLD Residences under $750,000

SOUTH AUSTRALIA HOMEBUILDER GRANT GUIDE

HomeBuild Grant Extended for New Residences under $750,000 in SA

Reduced from $25,000 to $15,000 for building contracts signed between Jan 2021 and March 2021.

Home buyers have until December 31st 2020 to take advantage of the $25,000 HomeBuilder Grant.

Click here to search new SA Residences under $750,000

WESTERN AUSTRALIA HOMEBUILDER GRANT GUIDE

HomeBuild Grant Extended for New Residences under $750,000 in WA

Reduced from $25,000 to $15,000 for building contracts signed between Jan 2021 and March 2021.

Home buyers have until December 31st 2020 to take advantage of the $25,000 HomeBuilder Grant.

Click here to search new WA Residences under $750,000

Further reading:

Buy now and save: 20 Urban listings eligible for the $25,000 HomeBuilder Grant

Everything you need to know about Australia's $25,000 HomeBuilder Grant + how much off-the-plan homebuyers could save

Olivia Round

Olivia Round is the Features Editor of urban.com.au. Olivia specialises in news reporting, in-depth editorial content and video + podcast interviews with industry experts.
Tags:
Home Builder Grant
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