There is still time to claim the $25,000 HomeBuilder Grant

In June 2020, as part of the economic measures to stimulate the economy in the face of Covid-19, the Australia Government announced a HomeBuilder grant to provide eligible owner-occupiers with a grant of $25,000 to build a new home, substantially renovate an existing home or buy an “off the plan” home.

As a conveyancing and property lawyer I have seen an immediate impact of this in Bendigo, particularly with young people using the grant to get them into the property market.

In response to extended restrictions across Victoria the grant has extended with the requirement now being that the construction commencement requirement is extended from 3 months to 6 months for Victorians. Therefore, if you sign an eligible building Contract prior to 31 December 2020 in Victoria you now have 6 months from the day of signing to begin constructions of your new residence.

The HomeBuilder grant is not just for first home owners, provided you meet the requirements you are eligible to benefit. But it is exciting for first home owners as they may also be also eligible for the First Home Owner grant, meaning first home owners in Victoria are eligible for up to $45,000 towards building their first home.

With such incentives available, now is the ideal time to purchase your piece of Bendigo. But in doing so you want to make sure that all those dollars don’t distract your attention from making sure your purchase is a wise one and you have all the legals covered. That’s where I can help! Thinking of buying a block? Make sure you discuss your vendor’s statement and contract with me by calling 03 5445 1036.