Federal Government Housing Package
The ‘HomeBuilder’ program has announced that they will provide eligible owner-occupiers (not just first home buyers) with a sum of $25,000 to build a new home or renovate an existing home. This will assist the residential construction market during the COVID-19 pandemic.
Those who are eligible must have a contract which is entered between the 4th of June 2020 and 31st of December 2020
The commencement of new home build or renovation must begin within three months of the contract date
How do I know if I am eligible?
If you are an Australian Citizen, individual (not a company or trust), over the age of 18 earning $125,000, or couples earning a combination of $200,000 based on 2018/19 tax return, then you will be able to receive the grant
If building a new home, the house and land must be valued up to $750,000
Renovations must be valued between $150,000 and $750,000, with the dwelling not valued more than $1.5 million before the renovation
How do I apply?
Once the states government has signed the National Partnership Agreement, applications will be placed between 4th of June and 31st of December
Further information will be available in the near future