The Federal Government HomeBuilder Program offering cash grants for housing construction projects has been extremely popular in assisting first time buyers with a helping hand to get onto the property market. It was announced that it has been extended to assist the economy but with a lower grant rate.
The HomeBuilder scheme currently provides $25,000 grants to eligible people building a new home or renovating an existing one. It had been due to expire at the end of 2020 but will be extended to 31 March 2021, at the lower rate of $15,000. So, there is still time to get the ball rolling on a first-time project.
Prime Minister Scott Morrison said the extension was expected to lead to another 15,000 construction projects, bringing the total anticipated renovations or builds under the program to 42,000.
"It's critical we keep the momentum up for Australia's economic recovery," Mr Morrison said. "Extending HomeBuilder will mean a steady pipeline of construction activity to keep tradies on the tools."
This is a year of rebuilding all round and we will keep you updated on grants and stimulus offerings from the government and the best way that you can manage and grow your business as we continue to move forward.