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Minister for Housing, Julie Collins MP, has confirmed that the government will work with states and territories to extend these deadlines and — subject to the agreement of states and territories — would mean that eligible existing applicants who would miss the Liberal government’s deadline of 30 April 2023 would have until 30 June 2025 to provide supporting documentation.
The extension will only apply to applications who have already received formal approval under the HomeBuilder scheme for off-the-plan purchases or renovations.
It will also support existing and already approved applicants who entered into financial commitments on the basis that they would receive the grant but were affected by supply constraints and construction industry delays through no fault of their own.
In mid-2020, the Morrison government announced the $688 million HomeBuilder package, which was a $25,000 grant made available to owner-occupiers “substantially renovating” or building a new home from 4 June to 31 December 2020.
A national price cap of $750,000 was set for new home builds along with a renovation price range of $150,000–$750,000 applied to renovating an existing home valued at no more than $1.5 million.
The stimulus was designed to “breathe life” into the residential property market after facing prolonged downturn in the wake of the COVID-19 pandemic. Applications for the HomeBuilder scheme closed in April 2021.
However, since then, the average time frame for off-the-plan units has grown to more than two years that has led to lengthy delays.
This could have resulted in thousands of applicants who purchased off-the-plan apartments missing out on the government support that was expected, according to Ms Collins.
The requirements set up by the Morrison government required applicants to provide title documents to receive the grant, which were not issued until construction was completed.
Ms Collins stated this extension will draw a line under the Morrison government’s mismanaged HomeBuilder program.
“Too many Australians stood to miss out on support they believed they would receive, through no fault of their own,” Ms Collins said.
“This decision will not cost the Budget, but it will ease the burden on families right across the country who are relying on this grant.
“A perfect storm has led to a blowout in construction time frames right across the country.”
Ms Collins further stated that the current government is “cleaning up this mess” and ensuring that applicants “don’t miss out on the support they believed they would receive”.
[RELATED: HomeBuilder could ‘intensify’ slide in property prices]
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