08-06-20

NEW GOVERNMENT INCENTIVE TO BUILD OR RENOVATE

The Government has just announced that $25,000 grants will be available to owner-occupiers “substantially renovating” or building a new home from 4 June to 31 December 2020, as part of the Morrison Government’s new $688-million HomeBuilder package.

For those eligible, the government will contribute $25,000 towards your new house construction worth up to $750,000 and for renovations of existing homes ranging from $150,000 to $750,000, as long as the current value is no more than $1.5 million.

The grants will also be means tested, with the government setting income caps of $125,000 for singles and $200,000 for couples. An applicant’s eligibility will be based on their latest assessable income.

The government estimates that approximately 27,000 grants would be handed out as part of the package across $10 billion in building projects, supporting 140,000 direct jobs and another 1,000,000 related jobs in the residential construction sector.

Unfortunately, the scheme will not apply to investment properties or owners who intend on building or renovating on their own without the help of builders.

With some still wracked by the insecurity of uncertainty, and others chomping at the bit to get into a new home, this grant serves both those wanting to dig in, improve and stay, as well as those seeking to upgrade or build new.

Which one are you?

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