Homeowners offered FREE slice of $900million pot for home reno after thousands of Aussies already took advantage of the lucrative scheme – but you'll have to be quick

Renovators will have more time to access thousands of dollars in grants as the federal government extends its HomeBuilder program by three months.   

Home builders will be able to access $900million worth of grants to build a new home or renovate their existing one until March 31, 2021.

The government had introduced the program as part of its Economy Recovery Plan in June and intended for it to end on December 31. 

It aimed to boost employment in the construction sector and motivate renovators to get a start on their home projects.

The government initially allocated $688million for the program, but has now decided to add an extra $212million. 

Renovators will have more time to access thousands of dollars in grants as the federal government has extended its HomeBuilder program by three months

Home builders will be able to access $900 million worth of grants to build a new home or renovate their existing one until March 31, 2021

The value of the grants will also be decreased from $25,000 to $15,000 from January 1.  

Home builders will be eligible for the grant if their new home is valued up to $750,000.

The property price cap will be a little higher for New South Wales residents with the value set at $950,000 and Victorian residents with the value set at $850,000.  

For renovators wishing to revamp their home, the works must be valued between $150,000 and $750,000.

Their properties must also not be worth more than $1.5million before the renovation. 

Prime Minister Scott Morrison said the program had helped as many as a million construction workers. 

'It's critical we keep the momentum up for Australia's economic recovery,' he said.

'Extending HomeBuilder will mean a steady pipeline of construction activity to keep tradies on the tools.'

Housing Minister Michael Sukkar added the program had been a massive windfall for the construction sector

Housing Minister Michael Sukkar added the program had been a massive windfall for the construction sector. 

'This has been a highly effective program that's delivering real results for homebuyers and has kept tradies in work throughout the Covid pandemic,' he said.

'This is a temporary and targeted program and we want to give buyers the confidence and support to enter the market right now at a time when the economy needs it most.'

Around 27,000 homes have either been built or renovated because of the scheme with the final number projected to sit around 42,000. 

HomeBuilder grant eligibility 

The Federal Government introduced the HomeBuilder program to support workers in the construction sector and motivate home builders to get started on their renovation projects.

To be eligible for a grant, the home builder must be:

1) An Australian resident

2) Eighteen years or older

3) Earning $125,000 a year as an individual or $200,000 a year as a couple.

The home builder must then enter into a building contract between July 4 and March 31 to either:

1) Build a new home worth up to $750,000, or $950,000 in New South Wales and $850,000 in Melbourne

2) Renovate a home with works costing between $150,000 and $750,000 on homes that are worth up to $1.5 million