The HomeBuilder scheme is set to end on 31 March, giving those looking to take advantage of it just over two more months to do so.

So far the scheme has received more than 75,000 applications across the country, with the large majority of those looking to build a new home (80 per cent), although many are also using it towards extensive renovations or rebuilds (20 per cent).

Treasury has estimated that the scheme is supporting $18 billion worth of residential construction projects, in a major boost to the economy.

But, with only a couple of months left to make an application, buyers and renovators don’t have much time left to get their building plans in order.

That doesn’t mean it isn’t possible though, but if you’re in the early stages of buying a home or planning a renovation then you’re going to want to get a move on.

To receive the $15,000 grant currently on offer, you will need to have an eligible building contract signed between 1 January 2021 and 31 March 2021. However the application deadline has been extended to 14 April.

Construction will then need to commence six months from the contract date.

Keep in mind that it can take a lot longer than estimated to organise a new build or renovation.

Before you can even think about signing a building contract you might need to organise design plans, financing or council approvals, depending on the type of build you’re looking to do. There might also be holdups due to the high volume of people looking to take up the scheme.

So if you’re hoping to take up the HomeBuilder scheme and haven’t made a move yet then you’re going to need to start making some phone calls and getting organised as soon as you can if you want to meet the deadline.

To find out everything you need to know about the HomeBuilder scheme visit https://treasury.gov.au/coronavirus/homebuilder.