Will definitely help the renos come along nicely…

You might remember the Homebuilder scheme that was introduced a couple months back, the national grant designed to stimulate property construction and facilitate growth in the housing sector during the height of the COVID-19 pandemic. Currently the scheme offers $25,000 to Aussies undertaking new builds or significant renovations, and was set to expire on New Years Eve. Now, it’ll be extended to March 31 next year, at a lower rate of $15,000.

Along with the extension, the cap size for eligible home values in Sydney and Melbourne will be increased, increasing from $750,000 to $950,000 in NSW and $850,000 in Victoria. Adding onto the amendments, the government has increased the commencement period of the program from three months to six, meaning that renovators waiting to get projects started won’t miss out on the $25,000.

Speaking on the extension, housing minister Michael Sukkar said “One of the key drivers behind this extension is the Homebuilder program has been so successful.

“Builders were saying to us ‘we might have to close off our books because there are so many customers and we can’t guarantee them that we can start in another three month period’. So this extension today, obviously, gives builders additional time, which means they will be able to take on more contracts and put more people into homes.”

“Homebuilder saved the construction industry from falling off a cliff earlier this year. But with no substantial immigration likely next year, it makes sense to extend this economic bridge further.”

If you’re like us and you’re still a bit confused on how the initial scheme works however, suss the video below for a quick refresher on the whole shebang.