The Australian Federal government launched its new HomeBuilder grant scheme which aims to assist the construction industry to continue working through the recession.
This is great news for the construction industry as Australians are encouraged to build their dream home or start major renovations this year. The $688 million HomeBuilder grants scheme will put $25,000 in the hands of Australians who sign contracts for theses works from 4th June until 31st December.
It is hoped that this scheme will keep 140,000 direct jobs and another 1,000,000 related jobs in the residential construction sector, helping to rebuild Australia's economy through the COVID-19 recession. Set to benefit from this scheme are businesses and sole-trader builders, contractors, property developers, construction materials manufacturers, engineers, designers and architects.
"If you've been putting off that renovation or new build, the extra $25,000 we're putting on the table along with record low-interest rates means now's the time to get started," Scott Morrison
- $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or
- $200,000 per annum for a couple based on both 2018-19 tax returns or later
- build a new home as a principal place of residence, where the property value does not exceed $750,000; or
- substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million
For first home buyers, the HomeBuilder scheme can be used in conjunction with 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.
Applications for HomeBuilder will open when the State and Territory Governments sign the National Partnership Agreement with the Commonwealth Government. When the States and Territories begin accepting HomeBuilder applications, they will backdate acceptance of these applications to 4 June 2020.
Full details of the HomeBuilder program can be found here: https://treasury.gov.au/coronavirus/homebuilder
Or by State, updated here as the details become available:
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