To support a substantial amount of residential construction workers, the Australian Government has introduced a new HomeBuilder package to inject $688 million into the industry, which is falling as a result of Coronavirus.
Seeing a drop in approvals of ~2%* since March, the Building Industry is still feeling the effect this pandemic is continuing to cause.
This $25,000 grant comes with income and valuation eligibility requirements as well as restrictions on what type of construction the funds can be used for.
Homeowners will be able to use the money to put towards building a new owner-occupier home or any substantial renovations on their primary place of residence.
To be eligible to receive the one-off cash payment, singles must earn less than $125,000 and couples $200,000 between them, in the previous financial year. The building work contract must be signed between now and December 31, with works to begin within 3 months of the contract date.
For home owners wishing to renovate, their renovation costs must be valued between $150,000 and $750,000, with the home valued as less than $1.5 million (before the renovations) to be eligible.
For people looking to build a new home to live in, the house and land must be valued less than $750,000 to be able to take part in the incentive.
Types of construction not covered in the incentive:
- swimming pools, tennis courts, outdoor spas and saunas, sheds or garages.
- new builds or renovations of any investment properties
The new HomeBuilder Package will be available alongside any current first home owner incentives in place by governments in each state and territory.
Contact Paul Duncan at The Hrkac Group and our lending team for more information on the HomeBuilder Grant, how to apply and to assess if you’re eligible.
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