Australians looking to buy or build a new home are still eligible for a $15,000 grant between 1 January and 31 March 2021 after Homebuilder was extended after an overwhelming response. This is a decrease from the original amount of $25,000 when the scheme was first announced. Grants are also available to “substantial renovations”.
The value of a property cannot exceed $950,000 in New South Wales / $850,000 in Victoria / $750,000 in other States and Territories.
Victoria is reported to be the state with the highest number of applications for the scheme, where new home builds make up approximately four in five of total applications.
This is no surprise as the Victorian Planning Authority has fast-tracked the development of six new suburbs in Melbourne in response to the COVID-19 pandemic, hoping to boost local economies. The Fast Track Project is called Greenfields and consists of six suburbs; Pakenham East, Beveridge North West, Craigieburn West, Shenstone Park, Wallan East Part 1 and Wallan South.
For more information about Homebuilder, please go here.
To learn more about the Greenfields Fast Track Project, please go here.