The HomeBuilder Grant Deadline Extended!
The HomeBuilder Grant deadline to begin construction has been extended by an additional 12-months by the federal government; those who were eligible for the grant before its March cut-off will now have 18-months after signing contracts to commence construction, this could be approximately $121,000 building applications.
“This program has grown over time because more people have decided to use this grant to fulfil their own dreams ... you have to remember when we put this program in place to start with, jobs were being lost on building sites across the country.” Treasurer Josh Frydenberg told reporters.
Amid the HomeBuild Grant and record low interest rates, private home building approvals had hit a record high in February. Home approvals approximately jumped by 15.1% to 13,939 houses.
The HomeBuilder Scheme was originally introduced in the depths of the COVID-19 pandemic and was then extended to March late last year. The property Council of Australia welcomed this change, stating that the extension would ease the pressure home builders had been facing to begin construction quickly. The additional time will also ease the constraints faced in supply chain issues and labour pressures.