The Federal Government has recently announced an extension for the HomeBuilder program to 31 March 2021, which means that there is never a better time to build your dream home in Sydney with Apex Bespoke Building.

$15,000 HomeBuilder Program

The HomeBuilder program was first introduced in June 2020, proving eligible owner-occupiers (including the first home buyers) with a $25,000 cash grant for new home builds and renovations. The grant was set to expire on 31 December 2020, however it will be extended to 31 March 2021 albeit at a lower cash rate of $15,000.

Extra flexibility in the 2021 HomeBuilder Program

Additional flexibility to the home value has also been introduced to the 2021 HomeBuilder program, with the cap rising from $750,000 to $950,000 in NSW.

With the grant extended, now could be the best time to build the dream home you have always wanted. In this blog, you will find more welcomed news for people considering a new home build or a full-house renovation in the Sydney region.

There are also many other changes that have been implemented to the 2021 HomeBuilder program with previous limitations to the 2020 grant restricting many eligible owner- occupiers who had high hopes of taking advantage of the 2020 grant. Changes to the 2021 HomeBuilder Program include:

  • $15,000 grant provided for new home building contracts signed between 1 January 2021 – 31 March 2021
  • An ideal increase to the house value cap from $750,000 to $950,000
  • Construction must start within six months of the contract date (previously three months in the 2020 HomeBuilder Program)
  • An extended deadline for all applications to be submitted. Clients now have up to 14 April 2021 to apply for their grant through the Government.

With concerns from home owners who had previously missed out on the grant due to tight restrictions, the new 2021 criteria provide an alternative source of relief for many people who have been planning to build their dream home.

Am I eligible for the $15,000 HomeBuilders grant?

To access HomeBuilder, owner-occupiers must meet the below guidelines before applying for the 2021 HomeBuilders grant.

  • You are a natural person (not a company or trust)
  • You are aged 18 years or order
  • You are an Australian Citizen
  • You must be earning no more than $125,000 based on your last tax return. Alternatively, couples must have a combined income of no more than $200,000
  • Your building contract must be signed between 1 January 2021 and 31 March 2021
  • The value of your home (both house and land) must be $950,000 or less
  • The HomeBuilder grant will be paid to you after your first progress payment

For example, if you purchase a block of land for $450,000 in Sydney and add on a home build of $500,000, the value of the house and land will total $950,000. As such, you would be eligible for the 2021 HomeBuilders grant.

Another point that needs to be mentioned is the special consideration for knock-down rebuild.

  • A knockdown rebuild is seen as a substantial renovation and hence it is subject to the renovation price range between $150,000 and $950,000, provided the combined value of the house and land does not exceed $1.5 million prior to the knockdown.

Now is the perfect time to build

  • BORROWING MONEY IS EASIER NOW

If you think you are ready to start building your dream home but your lack of finance is holding you back, now is your chance to move forward.

Borrowers across Australia can expect some relief as a result of the current interest rate cut. This means that it is now much easier for home owner-occupiers to come up with a decent deal with the lenders.

  • AVAILABILITY OF GOVERNMENT GRANTS

In addition to having the opportunity to lend your starting money, the $15,000 HomeBuilders grant will no doubt help you get started on your building journey.

  • SHORTER BUILDING TIMEFRAME

At Apex Bespoke Building we have sufficient expertise in design, pre-construction and construction to ensure we commence and complete the development of your home as quickly as possible.

Summary

Whilst you might still encounter some different mixed theories about whether or not now is the right time to build your home, doing an in-depth research of facts and figures will allow you to determine what is best for you.

When you are finally ready to watch your dream home come alive in front of your eyes, you will need a reliable home builder that will follow through your personal preferences and needs.

This is where Apex Bespoke Building, Sydney can help. With over 16 years’ experience in the industry, we value a professional and close client-builder relationship. Not only do we offer premium, functional home designs but we are also committed to providing you with a kind of customer journey that you can treasure for a long time. Whether you are creating a boutique residence, residential extension or a full house renovation, we work with you to reach your desired outcome.