HomeBuilder grant’s limits questioned
The Institute was inundated with questions and concerns regarding the Australian Government HomeBuilder grant announced on 4 June 2020.
While the grant was welcomed it raised many questions for members and concerns that the grant would not assist in many critical areas. Both the Australian and State Government were made aware of our concerns following Institute action to put forward members queries about the new grant.
Questions raised included:
- Construction commencement definition
- Eligibility of projects that are completed or in progress of construction
- Off the plan projects
- Relevant contract, contract signing, first progress payment and builder registration
- Applicability to manufactured homes or retirement village units
- Relation to Queensland definitions and situation
- Developer and home buyer contracting of construction
- The 3-month timeframe for start of construction relative to finance, contracts, delays and approvals
- Current house and land packages
- How land value, income, and citizenship is assessed
- Use of the grant as deposit
- Compliance and grants issued monitoring
- The effect on existing spec built product
- And many more detailed situations.
It is hoped many of these questions will be answered favourably and we will keep you updated on the responses. In the meantime, Treasury has published this FAQ’s Document. UDIA National is following up on the host of other issues requiring resolution and clarification.
If you have any feedback and further questions, please contact Policy Manager, Martin Zaltron.