Good news for existing home owners and people planning to enter the market – the government has extended the HomeBuilder scheme.
 
HomeBuilder provides financial support to owner-occupiers who want to build a new home, substantially renovate an existing home or buy an off-the-plan property.
Under the original version of the scheme, participants in the HomeBuilder scheme receive a $25,000 grant if they sign a building contract before 31 December 2020.
 
Under the new version, participants will receive $15,000 if they sign a contract between 1 January and 31 March 2021.
 
As before, construction must start within six months of the contract being signed.
 
The price cap for renovations has been kept at $1.5 million (pre-renovation). However, the price cap for new builds, which is currently set at $750,000 for all states, will be increased to $850,000 for Victoria and $950,000 for New South Wales.
 
To participate in HomeBuilder, you must be an Australian citizen and earn less than $125,000 for singles and $200,000 for couples.