- 80% of HomeBuilder grants have been for new construction
- The Property Council welcomes the extension to Homebuilder
- According to Treasury, the program has supported hundreds of thousands of jobs
HomeBuilder provides eligible owner-occupiers with a grant to build a new home or substantially renovate an existing home.
On 29 November 2020, the Government announced an extension to the HomeBuilder program to 31 March 2021 at a rate of $15,000, reduced from $25,000. The Property Council of Australia (PCA) has welcomed this extension.
According to recent figures from Treasury, more than 75,000 households applied for the HomeBuilder grant with around 80% of these for new construction.
Ken Morrison, Property Council Chief Executive said HomeBuilder has been a major factor in Australia’s recovery from the impact of COVID-19, supporting “hundreds of thousands of jobs, generating tens of billions of dollars in economic activity and helping more Australians into their home.”
The First Home Loan Deposit Scheme has also been credited with assisting in the record number of first home buyers coming into the market.
“HomeBuilder has kept the residential construction sector going strongly at a time when we were looking at a significant fall-off in new building activity even before the impact of COVID-19,” Mr Morrison concluded.
“It has been an extremely powerful and effective stimulus lever, delivering important economic and social benefit at a critical time for the economy.”