New HomeBuilder package
Updated: Jun 24, 2020
Australians will be offered $25,000 to build or substantially renovate a home in a bid to boost the flagging construction industry, which has hit the wall following a coronavirus-induced economic downturn.
The HomeBuilder program will offer one-off cash payments to eligible owner-occupiers and first home buyers from July 4 to December 31 to entice investment in the sector.
This is about targeted taxpayer support for a limited time using existing systems to ensure the money gets used how it should by families looking for that bit of extra help to make significant investments themselves," Mr Morrison said.
"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."
The scheme will means-tested for singles who earned up to $125,000 in the previous financial year, and couples who earned up to $200,000 between them.
They must enter into a building contract between July and December 2020 to either build a new home as a principal place of residence valued up to $750,000 including land.
Those planning to substantially renovate their existing home as a principal place of residence, can access the grants for renovations valued at between $150,000 and $750,000 with the home not valued at more than $1.5 million before the renovation.
HomeBuilder cannot be for used for additions to the property that are unconnected to the principle place of residence such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages.
The package is a good opportunity for builders and tradies to offer their services and help create jobs in our community. There is the added benefit of the extra cash for eligible homeowners. The broader Community will benefit from the trickle down economics of the economic boost.