HomeBuilder Grant Completion Dates extended

Oaks ARBOUR and Oaks Crown are both officially confirmed as eligible for the $25k HomeBuilder Grant

Extensions have been announced for a $15k Grant for contracts between 1/1/21 and 31/3/21 and Date for Completion deadlines (application B) have been extended.

The original Grant was launched in June 2020 and changes were then announced in Dec which consequently meant that Oaks Crown (Stage 02) also became eligible.

Please read the below information carefully about the deadlines and eligibility criteria for both developers and prospective buyers.

Download the new Fact Sheet >
Download the Treasury’s HomeBuilder Extension Frequently Asked Questions (FAQ)>

About the HomeBuilder Grant

• • — The scheme provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home, substantially renovate an existing home or buy an off-the-plan home/new home.

• — New Information: On 29 November 2020, the Government announced an extension of the HomeBuilder program to 31 March 2021 which offers a $15,000 Grant will be available for eligible contracts exchanged between 1/1/2021 and 31/3/2021. Contracts for properties exchanged before 31 Dec 2020 will continue to receive the $25,000 Grant as per original eligibility criteria.

• • — The off-plan property price must not exceed $750,000 (inclusive of GST).

• • Oaks has wide range of 1, 2 and 3 bedroom apartments that sit under this price ceiling.

• • — The eligible contract must be signed between 4 June 2020 and 31 December 2020 (inclusive). [Update 29/11/2020. As per the extension announcements, the application form must be submitted to the ACT Revenue Office by 14 April 2021 (inclusive)]

• • — Construction does not need to commence prior to 31 December 2020, but it must commence within three months of the contract date and construction cannot have commenced before 4 June 2020. [Update 29/11/2020. Construction timeframe has been extended from three to six months from contract signed date]

— Construction must be complete before 31 October 2022. [Update – The Date for Completion (buyer to complete Application B) has been extended until 30 April 2023 which will encompass Oaks Crown (Stage 02)]

Some things you might not have realised:

— The $25,000 is paid to an off-the-plan purchaser after settlement, when a certificate of title has been issued.

• • — Eligible buyers must occupy the property for at least 6 continuous months immediately upon completion of construction or settlement.

• — ‘Commence construction’ means substantial earthworks, excavations, demolition and physical building work.

The ACT Revenue Office has reviewed Oaks Arbour and confirmed that it officially fulfills the ‘commence construction’ criteria.

— Approval is subject to the eligibility of the purchaser and is income-tested – an income cap of $125,000 per individual or $200,000 for a couple applies. This is applicable for the taxable income on your Notice of Assessment for the periods of 2018-19 OR 2019-20

• • — Eligibility for the HomeBuilder Grant is dependent on your personal situation meeting the criteria AND the development meeting the criteria.

 
DOWNLOAD THE NEW FACT SHEET >
Download the Treasury’s HomeBuilder Extension Frequently Asked Questions (FAQ)>

Still have questions? That’s ok! Contact our agents by visiting the display suite on the weekend, completing the Register form on this website or call Independent on 02 6209 5042 so we can help.

This information is updated as new guidelines are released. APG will be providing guarantee clauses in sales contracts to give piece of mind to purchasers. We recommend you seek independent advice to confirm you meet the criteria. Visit the ACT Revenue Office website or the Treasury website for details.

Disclaimer: We have gathered information from: treasury.gov.au/sites/default/files/2020-06/Fact_sheet_HomeBuilder_0.pdf
While all due care has been taken in assembling this information, the information is subject to change. This document is for the guidance of the purchasers only. Interested parties should make their own enquiries and satisfy themselves in all respects.