The Federal Government has extended the deadline for HomeBuilder loan paperwork to June 30 2025.
The previous date of April 30 2023 was looming large for would-be property developers.
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Master Builders Australia CEO Denita Wawn praised the extension, with material shortages and other factors causing delays on many home builds.
“We have seen the average time it takes to build a home shift from nine to over 12 months,” she said.
“The extension allows builders to ensure there’s plenty of adequate time to deliver on projects during a time that has seen a perfect storm of pressures in the industry.
“We thank Minister Julie Collins (Federal Housing Minister) for listening to the concerns of builders and the community so Australians are not missing out on the opportunity to have their home building dreams become a reality.”
The HomeBuilder loan was a $25,000 grant for people building or renovating a property valued between $150,000-$750,000 in the latter half of 2020.
A $15,000 grant in the first half of 2021 was also brought in. Applications for the grants closed on April 2021.
“HomeBuilder effectively saved businesses and jobs during the height of the pandemic and was an appropriate support measure,” Wawn said.
“Families rightfully seized the opportunity to enter the home ownership market and it’s only fair these projects can be followed through to completion.”
You can find more information on the HomeBuilder loan here.