Wednesday, June 23, 2021
Home Business Homebuilder Grants Program Extended By 12 Months, What Does This Mean For...

Homebuilder Grants Program Extended By 12 Months, What Does This Mean For The Industry?

After a tough year across the entire construction industry, there is light at the end of the tunnel. Domestic construction definitely took the hardest hit within the industry, mainly because many tradies were unable to work inside residential homes, without breaking government regulations.

So as a result, the federal government introduced the HomeBuilder scheme, encouraging Australians to build and renovate their homes, in an attempt to revitalise the domestic construction sector. 

The HomeBuilder scheme was introduced during the depths of the pandemic. The original grant gave eligible owner-occupiers, including first home buyers, a grant of $25,000 to build a new home, substantially renovate an existing home, or buy an off-the-plan home.

The scheme was so successful that Australia’s construction industry grew at close to record highs all the way into the start of 2021. While the initiative would cost the government $2.5 billion, as a result of its success it has tipped almost $30 billion in the construction sector. 

However, this was just the beginning, the grants were then extended by the federal government so that more people could get access to the grants, and the sector could continue to thrive all the way into 2021. While the amount of the grants was decreased, it was still enough at $15,000 to attract attention – plus the date for beginning work was extended to 12 months after the original grant date, and the application date was extended by 4 months.

This has amazingly prolonged the good results of the first period of the scheme. Approval to build private homes hit a record high in February, powered by HomeBuilder and the record low interest rates. The deadline change was welcomed economically, and to ease the pressure on home builders to begin construction quickly.  

This meant that the uptake and extension of HomeBuilder, has created a lifeline of work for tradies and construction workers, while supporting thousands of first home buyers to achieve their dreams of owning a home in a volatile market.

The construction industry benefited hugely from the original scheme dates, it helped the industry recover in a way that it might not have previously, and the extension helped to both increase the economic value of the scheme, plus relieve pressure on workers who were trying to get too much done in a short time span. 

The Australian construction sector is expected to continue powering ahead throughout the next few months as home building continues. 

As the sector continues to flourish, other sectors that are directly related to construction, also benefit from the extension. All construction workers need safety workwear. However, it’s also important that the safety workwear they wear is high-quality and comfortable.

This is why you need to buy the most comfortable, highest quality and fashionable workwear from BAD Workwear. BAD Workwear supplies the best safety workwear to construction workers, keeping them safe and comfortable on-site. No matter what trade you work in safety workwear is a requirement, and if you are searching for a brand who offers functional, stylish and safe workwear clothing for both men and women, then look no further than BAD Workwear.

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