**The process of applying for available grants and getting a signed building contract can take several months, so you will need to act fast to secure your house and land before 31 December 2020. Question, I can get the contract before the 31st of December but for the grant applications - do they need to be submitted or actually approved before the 31st of December 2020?
Check out the: Building Bonus Grant and HomeBuilder Grant Application Form and Lodgment Guide. It appears the two different grants have different timing requirements, but it refers to “submitting by” date, not “approved by” date. “When to apply Apply once you have entered into an eligible contract. A full list of documents to support your application is provided in Part G of this form. Building Bonus grant Comprehensive home building contract to build a new home on vacant land (including owner builder) Apply when the foundations have been laid but no later than 31 December 2021. If there is a home to be demolished, then apply once demolition has been completed and the foundations have been laid. Off-the-plan sales contract to purchase a new home in a single-tier development Apply when construction has been completed and you are the registered owner of the property. Construction is taken to have been completed on the date the strata plan is registered, or for other land survey types, when occupation permits and building approval certifications are provided. HomeBuilder grant The Australian Government requires your application to be submitted by 31 December 2020. You can lodge your application earlier if the following events occur before that date: Comprehensive home building contract to build a new home as a principal place of residence - when the foundations have been laid. Contract with a registered builder to substantially renovate your principal place of residence - when you have evidence to show that you have made payments of at least $150,000 of the contract price to the builder. Off-the-plan sales contract to purchase a new home - when construction has been completed and you are the registered owner of the property. You may still be eligible if these events occur after 31 December 2020 as long as your application is submitted by that date. You will be able to use RevenueWA’s Online Portal from November to submit your application and then upload supporting information when it is available. Commencement of construction timeframes must still be met.” If in doubt, ring the Department to check.
A building contract can be created in a week if your selecting a builders plan with a standard inclusions package. The thing that takes time in getting a contract is people being undecided about design and inclusions (therefore making changes to the preliminary tender) You can always get your contract in place and then if needed make "contract variations" if you find you need to make small changes to inclusions or designs after the deadline.
Which grant is applicable to you and what type of project? If it's already subdivided then generally you apply at slab down and it will take 4-6 weeks to be paid once you have submitted all your documentation. If it's built strata then you won't be able to submit documentation until titles are created