HomeBuilder stimulus package aimed at first home builds and home renovations
THE federal Coalition Government is hoping to shore up the construction sector during the coronavirus pandemic, with a new scheme to provide $25,000 grants to build a new home or carry out major renovations to an existing home.
Announced late last night (Wednesday, June 3), the Coalition says the $688 million HomeBuilder package will assist the residential construction market by encouraging the start of new home builds and renovations.
Two kinds of projects between today (Thursday, June 4) and December 31 will be eligible for the $25,000 grants:
- New building contracts to build a new home as a principal place of residence, where the property value (house and land) does not exceed $750,000, or
- substantially renovating an existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of the existing property (house and land) does not exceed $1.5 million.
Renovations must improve the accessibility, liveability and safety of the property. The grants cannot be for additions to the property such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages (unconnected to the property).
Access to the grants will be means tested and capped to those earning less than $125,000 per annum for individuals and $200,000 per annum for couples.
Construction must start within three months of the contract date.
For more information and a frequently asked questions list, head to treasury.gov.au/coronavirus/homebuilder.