Some Aussie families could be receiving an extra $25,000 cash grant to help cover the cost of new homes and renovations.
For new home builds, the value of the property must be $750,000 or less and if you’re renovating an existing property it must be valued at less than $1.5 million.
Applicants must also meet the following two income caps to qualify for HomeBuilder:
• Singles must be earning $125,000 or less based on their 2018/19 tax return or later.
• Couples must have a combined income of less than $200,000 based on their tax returns.
As the scheme is designed to help low and middle income earners it does prevent investors and owner builders from claiming the cash which will be available on any contracts entered into between June 4 and December 31.
Prime Minister Scott Morrison says this will drive a “tradie-led recovery” of the economy.
“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 do it,’’
“This investment isn’t just about helping Australians bring their dream home to life, it’s about creating jobs and helping support the more than one million workers in the sector including builders, painters, plumbers and electricians across the country.”
Treasurer Josh Frydenberg predicted the scheme would support 140,000 direct jobs and another 1,000,000 related jobs in the residential construction sector.
“The construction sector is the number one industry covered by the Government’s JobKeeper program with more than a million Australians employed across the sector,’’ he said.
“The HomeBuilder program will support residential construction activity and jobs across the industry at a time when the economy and the sector needs it most,” he said.
Grants will be paid via the states once each jurisdiction signs up.
Treasurer Josh Frydenberg was confident ahead of the program’s announcement the states would come on board and perhaps complement the scheme with their own measures.
Master Builders Australia chief executive Denita Wawn said the program would be a lifeline for the embattled industry.
“It will mean more new homes, more small businesses and jobs are protected and (it will) provide a stronger bridge to economic recovery for our country,” she said in a statement.