Home Builders Grant – What You Need to Know

Buying or home builders grant melbourne  is a big commitment and typically involves a lot of debt which will take years to pay off. That’s why it is important to do your homework before jumping into this investment. Having the right finance partner to assist you will help ensure you have the right structure in place and are not paying for things you don’t need.

The government aims to get back to applicants within 15 business days; however, due to the number of applications, it is likely to take longer than usual. It is important to be aware of the application closing dates so you are able to meet them. For new builds, individuals must have their foundations laid and paid the first progress payment to their builder; whereas for substantial renovations, they must have submitted proof of payment (at least $150,000).

Unlocking the HomeBuilder Grant in Melbourne: How to Build Your Dream Home

It is also important to make sure you are registered on the certificate of title as the owner of the property by 30 April 2023; and for off-the-plan homes and new home contracts, construction must commence before 14 April 2021. Additionally, the home must be owned (either individually or as a couple) and occupied by the applicant on a continuous basis for a period of at least 6 months immediately following completion of construction, renovation or settlement. Investment properties are not eligible for HomeBuilder.

The program complements existing state and territory first home buyer grants programs, stamp duty concessions and other grant schemes. This is great news for people wanting to build a new house or substantially renovate their current home.