The Australian Government launched the HomeBuilder Program as one of several fiscal policies designed to address the economic impact of COVID-19 on the Australian economy. This paper presents an economic analysis of the use of expansionary fiscal policy via transfer payments in the HomeBuilder Program. An overview of the HomeBuilder Program and its complements of existing Federal, State and Territory grants have been provided. Economic justifications of the HomeBuilder Program have also been presented. In addition, the paper looks at the changes in private new house sales, number of dwellings approved and new loan commitments with the introduction of the HomeBuilder Program. Finally, the paper examines the eligibility criteria of the HomeBuilder Program against three groups of applicants and finds that people who plan to purchase a house and land package or build a new home on a pre-owned vacant block benefit the most from the programme.