The Tasmanian Government will extend its $20,000 HomeBuilder grant until March 31.
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The grant scheme was introduced on June 4 and is available to anyone who has signed on with a registered builder for the construction of a new home until December 31.
A single applicant needs to have a taxable income of less than $125,000 or less than $200,000 for joint applicants.
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Until now, construction of the new home must have commenced no later than three months after signing the building contract.
Finance Minister Michael Ferguson said the government would change that criteria so all new builds had a period of six months to commence.
The federal government earlier announced it would extend its HomeBuilder grant scheme until March 31, though the grant would be reduced from $25,000 to $15,000.
Mr Ferguson said both grant schemes could be used by an applicant.
As of last Friday, there had been 530 applications for the Tasmanian HomeBuilder grant.
There had been another 206 applications for the government's First Home Owner grant.
This can also be used in conjunction with the Tasmanian HomeBuilder grant.
Housing Industry Association executive director Stuart Collins said the extension to the grant would solidify the pipeline of house construction well into 2021 and beyond.
He said the time extension on building commencements would provide a transitional step towards phasing out the scheme at the end of March.
"The confirmed six months to commence will smooth out the workflow for many builders and provide greater certainty for many customers that they will remain eligible for the grant if they have encountered delays for any reason," Mr Collins said.
Master Builders Tasmania executive director Matthew Pollock said the extension would take pressure off supply chains and make sure prospective homeowners do not miss out due to unrealistic time frames.
"The extension means more Tasmanians will own their own home and be advantaged by the social and economic benefits that come with home ownership," he said.
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Political reporter for Australian Community Media, based in Hobart.
Political reporter for Australian Community Media, based in Hobart.
