New 'HomeBuilder' Program to Boost Economy and Construction
The Morrison Government recently announced the introduction of the HomeBuilder Program (“HomeBuilder”), aimed at boosting economic activity and supporting jobs in the construction industry.
From 4 June 2020 until 31 December 2020, HomeBuilder will provide all eligible owner-occupiers with a grant of $25,000 to build a new home or substantially renovate an existing home.
The cash injection is expected to provide around 27,000 grants and help support over 140,000 direct jobs and another 1,000,000 related jobs in the construction sector.
Applicants will be subject to the following eligibility criteria:
- Single applicants must be earning $125,000 or less based on their 2018/19 tax return or later.
- Couples must have a combined income of less than $200,000 based on their tax returns.
- Must be aged 18 years or older, an Australian citizen and an individual (not a company or trust)
To qualify for HomeBuilder:
- For new home builders, the value of the property must be $750,000 or less
- A renovation price range of $150,000 up to $750,000 will apply to renovating an existing home with a current value of no more than $1.5 million.
The cash injection will only be offered to contracts entered into between 4 June 2020 and 31 December 2020 – meaning singles and couples who are currently building a new home will be ineligible. Construction also must be contracted to commence within 3 months of the contract date.
HomeBuilder cannot be used for additions to the property such as swimming pools, tennis courts or sheds/garages.
The new $25,000 grant compliments existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
If you have any questions regarding eligibility or are looking to build/renovate please don’t hesitate to contact David Landa Stewart Property Solutions on 9212 1099.