This article was originally published on iBuyNew.com.au and has been reproduced here with permission. It will be updated as new information is released.
Sunday, 29th March 2020 – The Morrison Government has today announced an extension of its’ highly successful HomeBuilder Grant. The grant will be extended for a further three months, from 1 January 2021 to 31 March 2021. The extension is expected to further support the construction or major rebuild of around 15,000 homes nation-wide. This is in addition to the 27,000 homes the scheme is already expected to support, bringing it to a total of around 42,000 homes across Australia. (Source)
Those applying for the HomeBuilder Grant from 1, January 2021, will be entitled to $10,000 less cash, but property price caps have been increased for those in Victoria and New South Wales.
Assistant Treasurer and Minister for Housing, Michael Sukkar said the most recent data showed HomeBuilder had already had around 24,000 applications, on track to exceed expected take-up levels.
“This has been a highly effective programme that’s delivering real results for home buyers and has kept tradies in work throughout the COVID pandemic,” Minister Sukkar said.
“There is no better proof of HomeBuilder’s success than the latest Housing Industry Association’s new home sales data, which shows sales are 31.6 per cent higher in the three months to October 2020 when compared with the same time last year.
“This is a temporary and targeted programme and we want to give buyers the confidence and support to enter the market right now at a time when the economy needs it most.”
This announcement also builds upon the extension of the First Home Loan Deposit Scheme announced in the Budget, which delivered 10,000 guaranteed loans to allow first home buyers to obtain a loan to build a new home or purchase a newly built home, with a deposit of as little as five per cent. Together this represents an unprecedented level of Federal Government assistance for home buyers and the construction industry alike.
Looking to build or renovate your dream home?
Now is the perfect time to take advantage of the HomeBuilder Grant. If you have any questions regarding this grant, building new or renovations, get in touch with the iBuildNew team.