Announced today, 4th of June 2020, Australians will be eligible to receive $25,000 grants to build a new home or undertake major renovations under a new $680 million Federal Government program in aims to boost the economy and the home construction industry in response to COVID19.
The announcement of the program comes after figures reveal Australia has dipped in to a recession for the first time in three decades. With the announcement comes a number of restrictions, explained below.
- Major renovations to take place must be valued between $150,000 to $750,000
- The pre-renovations value of the property must not exceed $1,500,000 and excludes sheds, pools, granny flats and other structures attached to the home
- The construction or renovation of the home must take place within three months of the contract date to prevent a rise in house prices
- The grant will be means tested, allowing singles who earned up to $125,000 and couples who earned up to $200,000
the previous financial year to access the scheme
- The home cannot be an investment, the scheme is only intended for owner-occupiers
- A new home must not exceed $750,000 in value, including land
- The scheme will not apply to investment properties or owners who intend on building or renovating on their own without the help of builders/contractors
Those looking to participate in the scheme have until the 31st December 2020, with an expected 27,500 new or renovated homes by Christmas.
The HomeBuilder program can be used with other Government incentives.
A helpful FAQ can be downloaded here. For more information, visit Treasury.gov.au
Looking for some great land to get your new home dreams started? Visit our Land Website.