As you maybe aware that the Treasury has released it’s second building stimulus package, starting 1st January 2021, below is the following information highlights that you maybe entitled to if your about to sign a new building contract with your builder.
Grant amount (new builds and substantial renovations) = $15,000
Construction commencement timeframe = Construction must commence within six months of the contract being signed.
New build price cap = $850,000 in Victoria
Substantial renovation price cap = The value of the property cannot exceed $1.5 million (pre renovation).
Application deadline = Applications must be submitted to the relevant State Revenue Office by 14 April 2021.
Licensing requirements for builders/developers = Where an eligible contract is signed on or after the 29 November 2020, the builder or developer must have a valid licence or registration before 29 November 2020.
Where an eligible contract is signed before 29 November 2020, the builder or developer must have a valid licence or registration before 4 June 2020