Government announces $688m scheme to kickstart construction industry
The HomeBuilder package is designed to boost the construction industry and the Australian economy. Grants of $25,000 will be offered to renovators and new home buyers.
What is the HomeBuilder Package and who qualifies?
The grants will be means-tested. The package is available to owner-occupiers who sign a contract to start building or commence renovations to their property after June 4.
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- A new home valued up to $750,000 including land
- Renovations valued between $150,000 to $750,000 and the property value must be under $1.5m
- Recipients will need to spend at least $150,000 of their own money
- Owner-occupiers that renovate their home from 4th June to 31 December 2020
- If you are single and earned up to $125,000 in the last financial year
- Couples who earned up to $200,000 in the last financial year
The money can’t be used on investment properties or to build things outside the house like swimming pools, tennis courts, outdoor spas and saunas, sheds or garages. The grant will be made available through state governments.
The scheme is available from June 4 until the end of the year.
The HomeBuilder package will work along with existing state and territory first-home owner grants programs, stamp duty concessions and other grant schemes, including the federal government’s first-home loan deposit scheme and first-home super saver scheme.
