Figures from the ACT Revenue Office have revealed 133 applications for the HomeBuilder grant have been made in Canberra since June 4.

HomeBuilder allows for eligible residents to have the $25,000 grant to help either build a new home or substantially renovate an existing home.

Of the 133 applications made in the territory, 81 of them were for the construction of a new home, 52 were for substantial renovations.

The scheme is only eligible for contracts signed between June 4 and December 31 this year with construction required to start within three months of when the contract was signed.

The federal government had previously predicted the $668 million program would help fund 20,000 new homes and 7000 renovations.

Despite the number of applications in Canberra, and ACT government spokeswoman said no applications had been formally approved.

"This Commonwealth government program is demand driven and uncapped," the spokeswoman said.

"The scheme is designed to encourage construction activity. As contracts are entered into over this period, the number of applications is expected to increase."

Among those who have signed up for the scheme was Giralang resident Michael Ruiz, who has purchased a new home which is being built in Strathnairn, one of Canberra's newest suburbs.

The 26-year-old said he had been looking to buy his first home for more than a year.

"I was looking at pre-existing homes and it was pretty tough to find a house that was within my price range," Mr Ruiz said.

"The HomeBuilder scheme has influenced my decision, and it will probably make it easier to afford a home and not having to use all of my savings."

Construction work has begun on the new home, which is expected to be completed by the end of the year. "Hopefully the scheme will be able to help me pay off the house faster," Mr Ruiz said.

Master Builders Australia has called for the scheme to be extended for another year in order to help the construction sector deal with the impact of coronavirus.

The group has predicted a 27 per cent drop in home building activity during the 2020-21 financial year.

Its ACT chief executive Michael Hopkins said HomeBuilder had provided a boost to Canberra's residential building sector.

"The HomeBuilder program has resulted in an immediate boost in applications in the ACT with home buyers rushing to new development sales offices over the past month since the grant was announced," Mr Hopkins said.

"With new land prices so high in the ACT, home buyers need every bit of assistance available."