The Australian Government will fund your new build or renovation
… but you must qualify first
The Australian construction has been impacted as a result of the economic crisis caused by the COVID-19 pandemic. The multi-billion-dollar stimulus package will assist in boosting the Australian economy.
The Prime Minister Scott Morrison and Federal Treasurer Josh Frydenberg announced the new ‘HomeBuilder’ stimulus package. The Home Builder $25,000 cash grants for owner occupiers who carry out substantial renovations or build new homes.
However, you will only eligible for the grant if the value of the home renovation is $150,000 and up to a maximum of $750,000. In addition, the existing home must have a pre-construction valuation that the value of the property before work commences is less than $1.5 million. If you are looking at a swimming pool, sheds, garages, tennis courts, and the like are excluded and do not qualify within the grant.
The Prime Minister mentioned that “some 30,000 homes or thereabouts won’t get built. That means jobs not just for tradies and apprentices but all the other industries that feed into the home building industry and all the jobs that depend on that,”.
Eligible owner occupiers must meet the income thresholds that apply under the First Home Loan Deposit Scheme – being an income of up to $125,000 for singles and up to $200,000 for couples, along with the other requirements of the First Home Loan Deposit Scheme that apply to Australian citizens and age.
The grant will be administered by each State & Territory revenue office. The grant will be paid directly to the owner occupied by the office of revenue after the first progress payment.
For further information on the new Home Builder package click here.