HomeBuilder stimulus launched to boost residential construction
Today, 4 June, the Federal Government launched HomeBuilder, its latest stimulus package for residential construction and renovation in response to COVID-19.
The program is set to directly support 140,000 jobs and another 1,000,000 related jobs in the residential construction sector including builders, contractors, developers, construction materials manufacturers, engineers and architects.
HomeBuilder will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. Grant applicants will be subject to eligibility criteria including:
- Income caps of less than $125,00 (singles) or $200,000 (Couples) based on 2018/19 FY
- A dwelling price cap of $750,000 for new homes
- Renovation price range of between $150,000 and $750,000 will apply to renovations to existing homes with a current value of no more than $1.5 million.
Approved renovations will include kitchens and bathrooms but excludes pools, tennis courst, sheds, outdoor spas and saunas, det include kitchePools, Tennis Courts, sheds, outdoor spas and saunas, detached garages and sheds.
Under the program contracts must be entered into between 4 June and 31 December 2020.
Following the announcement, MEA has urged homeowners who qualify for the home renovation grant to set aside 10% of their budget for electrical upgrades and safety.
HomeBuilder complements existing state and territory First Home Owner 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.
Information on apply how to apply will be made available via the relevant State or Territory revenue office in due course.