The State Revenue Office has provided more detail on the workings of the Federal Government's $25,000 HomeBuilder scheme.
Off-the-plan buyers will now have more than 24 months, until October 31, 2022, to have their name registered on the certificate title, with buyers to be paid $25,000 once registered on the title, if eligible.
The SRO has also defined commencement as excavation and site preparation works for any new builds and works under the renovation contract for existing homes.
Tweed Sutherland First National director Matt Leonard said clarity is welcomed by agents and prospective buyers, as land remains sought after.
"There is a land shortage in Bendigo, but there are some parcels of land marked for future development," Mr Leonard said.
"In Jackass Flat, Maiden Gully and Strathfieldsaye, we may see new developments opening, to assist buyers capitalising on government incentives."
The second stage of a development in Jackass Flat's Harveys Lane, was released three weeks ago and proved very popular.
"The titles for those lots aren't being issued until April, 2021, but there are just a few pieces of land remaining, such is the interest," Mr Leonard said.
The government announced its HomeBuilder scheme on June 4, for eligible owner-occupiers.
A grant of $25,000 would be provided to those building a new home, substantially renovating an existing home or buying an off-the-plan home.
HomeBuilder applications are to be lodged via an online portal, soon be available on the SRO website.
To be eligible, the property value of house and land, which will be a principal place of residence, must not exceed $750,000, while a renovation contract must be between $150,000 to $750,000.
An off-the-plan home contract price must not exceed $750,000 and construction must commence after June 4, 2020.