The government has announced they will contribute $25,000 to Australians to build a new home or renovate their existing home.
As a home builder or renovator you will need to sign the contracts to undertake the work, from the 4th June 2020 until the 31st December 2020.
The aim is to boost the construction industry, by creating work & jobs, to hopefully lead us out of this recession.
To qualify for this grant you will need to meet the following criteria;
- Be a single Australian earning up to, but not exceeding $125,000
- Australian couples collectively earning up to but no exceeding $200,000
The grant can be used for a new home, valued up to and not exceeding $750,000 (including the land),
Or renovations worth between $150,000 & $750,000, however the home must not be valued more than $1.5 million before the works commence. Recipients are required to spend at least the $150,000 before being eligible.
It will not apply to investment properties.
The funds cannot be used for outside items such as swimming pools, tennis courts, outdoor spas, saunas, sheds or garages.
DIY jobs are not eligible, the work must be done by a registered or licensed builder, not an owner builder.
Unfortunately this scheme will only benefit those who have money, or have the means to borrow, disregarding the average battling Australian that needs their house “re-stumped”, or “roof replaced” for example. Those that are looking to renovate on a budget have not got a look in unfortunately, and with the looming recession, most are hesitant to borrow such large funds due to job stability and reduced income.