The Coalition Government is extending the highly effective HomeBuilder program which is driving demand in our vital construction sector and protecting jobs by supporting the construction on new homes and home renovations.
HomeBuilder will remain demand driven and will be extended from 1 January 2021 to 31 March 2021 which is expected to support the construction or major rebuild of around 15,000 homes. This is in addition to the 27,000 homes the scheme is already expected to support, bringing it to a total of around 42,000 homes across Australia.
Member for New England, Barnaby Joyce, said the extension of Homebuilder would have a two-fold benefit for the region.
“Not only will home owners in the New England continue to receive a generous contribution from the Federal Government, local tradies and suppliers will continue to see the trickle down effects of increased work and wealth that the construction activity is generating,” Mr Joyce said.
“Our data shows private sector dwelling approvals are 20.7% higher than a year ago.
“That confirms our program is working, helping to sustain jobs and weather the effects of COVID-19 on local economies across the New England.
“Government assistance can’t go on forever, we have a fiscal responsibility to the taxpayer but this will at least continue to provide some financial relief while boosting our economy.”
HomeBuilder will be adjusted for the building and housing market’s conditions, and after consultation with the construction sector.
For all new build contracts signed between 1 January 2021 and 31 March 2021:
• Eligible owner-occupier purchasers will receive a $15,000 HomeBuilder; and
• The property price cap for new builds in New South Wales will be increased to $950,000.
In addition, the construction commencement deadline will be extended from three months to six months for all eligible contracts signed on or after 4 June 2020.
This announcement also builds upon the extension of the First Home Loan Deposit Scheme announced in the Budget, which delivered 10,000 guaranteed loans to allow first home buyers to obtain a loan to build a new home, or purchase a newly built home, with a deposit of as little as five per cent.
Together this represents an unprecedented level of Federal Government assistance for home buyers and the construction industry alike.
More information on the HomeBuilder program can be found at: treasury.gov.au/coronavirus/homebuilder