Recently, the Federal Government announced the $688 million HomeBuilder program, which will see Australians with grand designs on a dream home receiving $25,000. These grants will be offered to people who sign contracts to build or substantially renovate their home from now until the end of the year.
HomeBuilder is a time-limited grant program to help the residential construction market to bounce back from the Coronavirus crisis. Construction must commence within three months of the contract date. HomeBuilder will complement existing State and Territory First Homeowner 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.
The plan will be restricted to people on middle incomes and to new homes and major renovations valued between $150,000 to $750,000.
The pre-renovation value of the house must not exceed $1.5 million and excludes sheds, pools, granny flats and any other structures not attached to the property.
For more information, visit www.treasury.gov.au/coronavirus/homebuilder
