Building or renovating a home? In this article CRAIG WILSON, CEO of PiC Group, discusses the federal government’s recent announcement of an extension to the HomeBuilder program, which gives applicants additional time to apply.
As the calendar year closes the cut of for the $25,000 HomeBuilder Boost also runs out – but if you were hoping to take advantage of this little cash hand-out not all hope is lost.
For all new contracts (building) signed between January 1 and March 31st 2021 eligible owner-occupier purchases will receive a $15,000 HomeBuilder program.
And the construction deadline will be extended from three months to six months for all eligible contracts signed on or after 4th June 2020.
This is great news for everyone wanting to take advantage of this boost but may have been feeling the pressure of job insecurity due to COVID-19 or just needed a little more time to save up a deposit.
It’s also great to see the commitment to builders and tradies by the Federal Government!
As we found, with the $25,000 HomeBuilder boost home buyers were not allowed to use the funds to form a part of their deposit, so potentially this may not be as beneficial to broader range of buyers.
Here’s hoping that with the extension of the program the existing rules are changed for 2021 – which would open the market up even further.
If you need help with organising which banks will and won’t accept the boost as your deposit ensure you call a mortgage and finance broker to discuss your borrowing needs.
Fingers crossed that this extension does some good during for the year ahead so we can start to recover economically from the COVID-19 fall out of 2020.
Craig is the founder of PiC Group since 1993 and a successful private investor in his own right, coming from a background in the insurance, financial planning and real estate development industries.
General Advice Warning: This blog is not designed to replace professional advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before making any decision as to what is appropriate for you.