Brighter Buying

Market Update: Home Builder Extended

by Justin Watt, CEO 3 December 2020

The Federal Government has confirmed that the HomeBuilder program, due to finish at the end of the year, will be extended to 31 March 2021.

Prime Minister Scott Morrison said the extension was expected to lead to another 15,000 construction projects, bringing the total anticipated renovations or builds under the program to 42,000.

“It’s critical we keep the momentum up for Australia’s economic recovery,” Mr Morrison said.

“Extending HomeBuilder will mean a steady pipeline of construction activity to keep tradies on the tools.”

Contracts for new builds and substantial renovations signed between January and March next year will attract a $15,000 grant, down from the original $25,000.

There has also been an extension to the construction commencement timeframe from three months to six months.

The deadline has been extended for all applications to be submitted up to 14 April 2021. This applies to all eligible building contracts signed on or after 4 June 2020 (i.e. for both the $25,000.00 and $15,000.00 grant applications).

The balance of the existing program criteria continues to apply. The $25,000 grant is still available for all eligible building contracts signed on or before 31 December 2020.

Curious about making some improvements to your place? Considering making a move in the current market? View our current listings for sale or talk to us about your project.