On Monday 29 July Master Builders Victoria provided an update on the HomeBuilder application process, following the release of guidance from the State Revenue Office (SRO). You can see that update here.
Following further consultation by Master Builders Victoria with the State Government and SRO, we are pleased to advise that the SRO have made some changes to their published guidance. You can read the full guidance here.
The changes relate to the need to be registered on the certificate of title and should allow more projects to benefit from the grant, where a builder is engaged prior to the land being titled. The guidance now states that the owner must be registered on the certificate of title according to the type of contract being entered in to:
- For contracts to build, you must be registered on title as owner of the land by no later than the laying of foundations and the first progress payment is made.
- For substantial renovations, you must be registered on the title as owner of the property at the time that you enter into the contract for renovation works.
- For off-the-plan/new homes, you must be registered on the title as owner of the property when the building is completed and you are entitled to take possession of the home.
Where can you find more information?
The Australian Government has a fact sheet and frequently asked questions on HomeBuilder on its website.