Australians will be offered $25,000 grants to build a new home or start a major renovation under near-$700 million federal government housing package in a bid to boost the economy and act as a lifeline to the home construction industry.
Called ‘HomeBuilder’, the grant will complement existing State and Territory grants and schemes.
Here are some of the main details around the grant and its eligibility criteria:
- restricted to people on middle incomes and to new homes and major renovations valued between $150,000 to $750,000.
- must be an Australian Citizen (not a PR unfortunately)
- the pre-renovation value of the house must not exceed $1.5 million
- excludes sheds, pools, granny flats and any other structures not attached to the property.
- it is a temporary scheme that will last until the end of the year, aiming to build 30,000 homes by Christmas.
- construction of a new home or a substantial renovation must be contracted to begin within three months
- the grant(s) will be means tested, allowing singles who earned up to $125,000 the previous financial year and couples who earned up to $200,000 to access the scheme.
This is obviously a significant opportunity for anyone looking to built or renovate but you’ll need to be prepared and have your finances in place.