The government’s HomeBuilder Grant has been so successful that builders have struggled to keep up with the demand from buyers eager to lock away that $25,000 windfall before the 31 December deadline.

The Victorian COVID-19 lockdown compounded the problem, by restricting the number of tradespeople that could work on a building site at any one time. It also didn’t help that more HomeBuilder applications have come from Victoria than any other state, with 7,636 to 20 November. Queensland, which has enjoyed a lockdown-free year, has the next most with 5,954.

Now that our lockdown days are over, the government wants to continue to support the building industry by extending the HomeBuilder program, or at least a version of it.

HomeBuilder Part 2 offers a $15,000 grant for building contracts signed between 1 January and 31 March 2021 inclusive, effectively extending the scheme by three months. Another big positive is that during the extension period, the cap price of new builds will be raised up to $850,000. That’s a $100,000 boost!

Once your contract is signed, whether you’re eligible for the original $25,000 or the new $15,000 grant, you now have until 14 April 2021 to submit your application to the State Revenue Office. Construction must commence six months from the contract date.

The extension to HomeBuilder is good news for builders, and great news for homebuyers who were unable to secure their build contract before 31 December. Get in touch with our Estate Manager Santo to discuss your HomeBuilder eligibility today.