HomeBuilder extension arrives in the ‘Saint Nick’ of time

4 December 2020

A SURGE in loans for new home construction during October confirms the HomeBuilder grant is not only doing its job, but that the extension is the best Christmas gift the industry could have received.

Loans related to the construction of new home builds have jumped 84 per cent over the past three months – while the October figure was more than double the number clocked before HomeBuilder kicked in back in May.

Comparatively, loans for existing homes – which don’t qualify for the grant – have risen by 33 per cent.

After months of tireless lobbying for an extension of the grant and the construction commencement timeframe, Master Builders Deputy CEO Paul Bidwell said it was welcome news.

“The extension of the timeframe allows builders who had previously closed off their books to new contracts to re-open, ensuring consumers still wanting to take advantage of the grant won’t miss out,” Mr Bidwell said.

“Many had been forced to turn potential new customers away because they couldn’t guarantee they’d be able to start work in the old three-month timeframe.

“It’s a big relief in the face of land and trade shortages.

"The extension of HomeBuilder overall by three months until 31 March 2021 will ensure a longer pipeline of work for our industry and is a great Christmas present for builders, tradies, manufacturers and suppliers and home builders."

While the cash has been cut back from $25,000 to $15,000, Mr Bidwell said it was still a great incentive for anyone looking to build a new home.

“At this stage, the housing sector has a strong pipeline of work at least until the back end of 2021.

“The extension will also allow more larger-scale apartment projects to access the scheme.”

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